News Column

Teknosa expects Turkish consumer electronics market to reach EUR 12bn this year.

August 4, 2014



Necil Oyman, general manager of Turkey's largest consumer electronics retailer, told local daily Milliyet that domestic consumer electronics market is expected to grow 10% y/y to TRY 33bn (EUR 12bn) this year. Teknosa foresees a 50% y/y growth in its turnover in 2014, according to Oyman.

Turkish consumer electronics market grew 18% y/y last year, according to Oyman.

Teknosa currently operates 307 stores in 78 provinces and will also open three new stores in Sirnak, Hakkari and Ardahan provinces in September in order to expand its network to all provinces in the country, Oyman said.

Teknosa posted a net loss of TRY 3.8mn in Q1 versus a profit of TRY 9.1mn a year ago, comparing unfavourably with the market expectation of a net income of TRY 4mn. Revenues of Teknosa increased by 3.1% y/y to TRY 682mn in the quarter from TRY 661mn a year ago. Teknosa was operating 298 stores with a total sales area of 170,669 at end-Q1 and employing 3,964 personnel.

Teknosa's net income rose by 12.2% y/y to TRY 56.7mn in 2013 from TRY 50.5mn the previous year. Revenues of Teknosa increased by 26.7% y/y to TRY 3bn in 2013 from TRY 2.3bn in 2012. Teknosa previously targeted TRY 57-60mn net income for 2013.

Teknosa informed in May that it targeted TRY 4bn revenue in 2014 and also planned to invest a TRY 60mn in order to add 30,000m2 new sales space. The company previously announced that its net sales target for 2014 was TRY 2.9-3bn and its investments were expected to amount to TRY 60-65mn this year.

In June 2011, Turkey's largest consumer electronics retailer Teknosa acquired Best Buy's subsidiary in Turkey together with its two stores in Izmir and Ankara for an undisclosed amount.



Teknosa (consolidated) Financials



(mn TRY)



2013/Q1



2014/Q1



 (y/y)



Revenues



661,07



681,57



3,1%



Gross Margin



116,6



130,3



11,7%



Operating Income



12,839



-3,38



-



Net Income



9,058



-3,782



-



Source: PDP



 



 



 


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Source: IntelliNews - Weekly Reports


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