Turkish grocer Sok Marketler slides on weak Q3 profit

Sok Marketler Ticaret AS

11/11/2024 07:57

** Shares in Sok Marketler  SOKM.IS  fall around 4% after
the Turkish discount market chain posted mixed Q3 results, with
weak net profit taking shine out of strong revenue
    ** It reports Q3 revenue of 50.75 billion lira ($1.48
billion) vs 47.07 billion lira a year earlier, and net profit of
30.38 million lira vs 4.68 billion lira last year
    ** Brokerage Halk Yatirim says Sok missed its net profit
expectations with lower-than-expected gross profit and
higher-than-expected operating costs, resulting in an
operational loss
    ** Brokerage Is Yatirim says Q3 net revenue was strong after
a weak H1, but profit and EBITDA margin were weak, with the
latter caused by discounts due to strong competition
    ** Sok is the worst performer on Turkey's BIST 100  .XU100 
index

($1 = 34.3655 liras)

 (Reporting by Miraç Eren Dereli)
 ((miraceren.dereli@thomsonreuters.com;))