Migros 2025 ilk \u00e7eyrekte pazar pay\u0131n\u0131 art\u0131rarak h\u0131zl\u0131 t\u00fcketim mallar\u0131 sekt\u00f6r\u00fcnde %10.2\u2019ye, modern h\u0131zl\u0131 t\u00fcketim mallar\u0131nda ise %16.3\u2019e \u00e7\u0131karm\u0131\u015f durumda. \u0130lk \u00e7eyrekte 56 yeni ma\u011faza a\u00e7\u0131ld\u0131 ve %5 metrekare b\u00fcy\u00fcmesi ger\u00e7ekle\u015fti. \u00d6nem verdi\u011fim bir ba\u015fka rakam olan online hizmet veren ma\u011faza say\u0131s\u0131 ise %27.7 artarak 1315\u2019e ula\u015ft\u0131. Online sat\u0131\u015flar\u0131n cirodaki pay\u0131 %21\u2019e ula\u015fm\u0131\u015f durumda ve her \u00e7eyrekte d\u00fczenli artmaya devam ediyor. Online operasyonlar\u0131n faaliyet kar marj\u0131 daha y\u00fcksek oldu\u011fu i\u00e7in \u00f6nemsiyorum.<\/p>\n\n\n\n Ayr\u0131ca moneypay\u2019deki b\u00fcy\u00fcme dikkat \u00e7ekici. Ge\u00e7ti\u011fimiz y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine g\u00f6re %161 oran\u0131nda ciro b\u00fcy\u00fcmesi ger\u00e7ekle\u015fmi\u015f. Bu \u00e7eyrekte yeni bir fintek \u015firketi (Moneypay Finansal Teknoloji ve Yapay Zeka A.\u015e.) kuruldu. Bu \u015firketin sermayesine hem Migros hem de Moneypay olarak i\u015ftirak ediliyor.<\/p>\n\n\n\n Gelir Tablosu<\/strong><\/p>\n\n\n\n Bu \u00e7eyrekte ciro ge\u00e7en y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fine g\u00f6re reel olarak %8.5 b\u00fcy\u00fcrken, br\u00fct kar %30, fav\u00f6k ise %327 b\u00fcy\u00fcd\u00fc. Net kar ise parasal kazan\u00e7 ge\u00e7ti\u011fimiz y\u0131l\u0131n ilk \u00e7eyre\u011fine g\u00f6re daha az olu\u015ftu\u011fu i\u00e7in %43 d\u00fc\u015f\u00fc\u015f g\u00f6sterdi. Br\u00fct kar marj\u0131 %20\u2019den %24\u2019e \u00e7\u0131km\u0131\u015f durumda. Faaliyet giderleri bu \u00e7eyrekte art\u0131\u015f g\u00f6stermi\u015f. \u015eirket bunun en b\u00fcy\u00fck sebebinin personel maliyetlerindeki art\u0131\u015f ve amortisman giderlerinden kaynakland\u0131\u011f\u0131n\u0131 belirtiyor. Migros gibi yo\u011fun personel istihdam eden bir perakende \u015firketinde, y\u0131l\u0131n ilk \u00e7eyre\u011finde yap\u0131lan maa\u015f zamlar\u0131 giderleri belirgin \u015fekilde art\u0131rd\u0131. Y\u0131l\u0131n geri kalan\u0131nda bu etki giderek azalacak.<\/p>\n\n\n\n Nakit Ak\u0131\u015flar\u0131<\/strong><\/p>\n\n\n\n Bu \u00e7eyrekte i\u015fletme faaliyetlerinden nakit ak\u0131\u015f\u0131 negatif olarak ger\u00e7ekle\u015fmi\u015f. Bu normalde istemedi\u011fimiz bir durum. \u015eirket bunun sebebinin<\/p>\n\n\n\n \u0130lk \u00e7eyrekte devletten KDV iadelerinin hen\u00fcz tahsil edilememesi Migros\u2019un nakit pozisyonunu ge\u00e7ici olarak olumsuz etkilemi\u015ftir. Bunun yan\u0131 s\u0131ra, y\u0131l sonu ile ilk \u00e7eyrek aras\u0131nda stok yenilemeleri ve muhtelif di\u011fer \u00e7al\u0131\u015fma sermayesi kalemlerindeki (\u00f6rne\u011fin pe\u015fin \u00f6denen giderler, alacak devir h\u0131z\u0131n\u0131n yava\u015flamas\u0131 gibi) de\u011fi\u015fimler toplam ~2,1 milyar TL\u2019lik ekstra nakit \u00e7\u0131k\u0131\u015f\u0131 yaratm\u0131\u015ft\u0131r. Tek seferlik etkilerin di\u011fer \u00e7eyreklerde olmayaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnebiliriz.<\/p>\n\n\n\n Sonu\u00e7 ve Beklentiler<\/strong><\/p>\n\n\n\n Migros 2025 ilk \u00e7eyrekte reel olarak b\u00fcy\u00fcmeye devam etmi\u015f. Br\u00fct marj ve fav\u00f6k art\u0131\u015f\u0131 olumlu. Net kar beklentilerin olduk\u00e7a \u00fczerinde geldi. <\/p>\n\n\n\n Bunun yan\u0131nda personel maliyetlerinden dolay\u0131 giderlerde art\u0131\u015f olmu\u015f. \u015eirket uzun s\u00fcrenin ard\u0131ndan net bor\u00e7 pozisyonuna ge\u00e7mi\u015f, bunlar olumsuz y\u00f6nler. \u0130lerleyen \u00e7eyreklerde net nakite ge\u00e7ip ge\u00e7meyece\u011fini takip edece\u011fim.<\/p>\n\n\n\n \u015eirketin y\u0131l sonu beklentileri ise \u015fu \u015fekilde. Ciroda %8-10 aras\u0131nda reel b\u00fcy\u00fcme, %6 fav\u00f6k marj\u0131 ve 250 yeni ma\u011faza a\u00e7ma hedefleri var.<\/p>\n\n\n\n Okudu\u011funuz i\u00e7in te\u015fekk\u00fcrler.<\/p>\n\n\n\n Bay Tutumlu<\/p>\n","protected":false},"excerpt":{"rendered":" 2025 ilk \u00e7eyrek bilan\u00e7o analizlerine portf\u00f6y\u00fcmdeki bir ba\u015fka \u015firket olan Migros ile devam ediyorum. Hepimizin bildi\u011fi gibi Migros, T\u00fcrkiye’nin \u00f6nde gelen perakendecilerinden biri. Sadece bildi\u011fimiz…<\/p>\n","protected":false},"author":2,"featured_media":3310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44,5,4],"tags":[45,22,26],"class_list":["post-3311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco","category-borsa","category-hisse-senedi","tag-bilanco","tag-borsa","tag-hisse-senedi","entry","double"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/baytutumlu.com\/wp-content\/uploads\/2025\/05\/thumbnail-srk-7134.jpg?fit=620%2C620&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/comments?post=3311"}],"version-history":[{"count":0,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/posts\/3311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media\/3310"}],"wp:attachment":[{"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/media?parent=3311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/categories?post=3311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baytutumlu.com\/index.php\/wp-json\/wp\/v2\/tags?post=3311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"\/](\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf22hAnwjtKUOv9bYorOoHBLyJv4bb3_O3UEzA94ioUXuURitmheDZWyO4qJoPUrmPgkNboS05IOBXpDIjhGok9Ih4uV8H8q6LpFpZ0kVPgkbyywWJTa07_D7jHeOJLztRgRYksKg?key=a0L8XN0E7JzLrH1ZfBLGMA\")
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