'Operationally weak' Q1 dents shares of Turkey's discount retailer BIM Magazalar
ReutersMay 9, 2025 8:36 AM
Shares in Turkey-based BIM Magazalar BIMAS.IS fall about 4% after the discount grocery stores operator on Thursday delivered Q1 earnings below expectations
The company's net profit shrunk to 2.71 billion lira in Q1 from 5.36 billion lira a year earlier
"The quarter was operationally weak," J.P.Morgan said in a note
The brokerage pointed out concerns over slow growth and earnings falling short due to higher taxes and depreciation charges compared to JPM estimates
Brokerage Global Yatirim notes the Q1 miss but says it expects the impact of operational expenses, especially personnel cost increases, to mitigate starting from the second half of the year
BIM currently sits as the second worst performer of today in Turkey's main BIST-100 Index .XU100
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