Kam City
BIM, the Turkish hard discounter, has reported a strong set of results for its second quarter, with net profit up 11.1% to 69.1m lira (€31m), sales surging by 21.5% to 2.35bn lira (€1.06bn), and like-for-like growth of 11.8%. Results were helped by the addition of new stores in the quarter, and BIM now operates 3,527 outlets in Turkey and 95 in Morocco.
S Group, the Finnish diversified retailer, has seen its first-half net profit rise by 2.9% to €80.6m, with retail sales up 5.8% to €5.84bn. The group said its supermarket division performed strongly, with sales up 8.3% to €3.64bn. Its other formats, including department stores and service stations, also did well during the period.
Sears Holding, the US department store giant, has had another weak quarter, despite its net loss narrowing to $132m, from $146m last year. Sales were down a weaker-than-expected 6.6% to $9.63bn, with US like-for-like sales down 2.9%. The group said it was affected by weaker demand for electronic goods, lawn and garden products and drugs.
PetSmart, the US pet products retailer, has seen its second-quarter net profit surge up 31% to $79m, with sales growing 9% to $1.6bn, and like-for-like sales rising by 7%. The group attributed the results to “strength across all three merchandising categories, as well as across services”. PetSmart also raised its full-year forecast, saying it now expects sales to be up by 10%-11% (to $6.72bn-$6.79bn), up from a forecast of 9%-10% growth, with net profit also expected to be higher.
