Tarım Kredi KOOP Market reports 1.091 billion lira loss

Tarım Kredi KOOP Market, a major Turkish supermarket chain, reported a loss of 1.091 billion lira during the first half of the year. Despite a 13 percent annual increase in turnover to 43 billion lira, high costs have impacted the company's finances.

In response to these losses, the company has begun downsizing. It closed 30 branches between January and June, reducing its total number of locations to 2,338. This contraction has also affected employment; the workforce decreased by 1,133 people in six months and by 1,808 people over the last year, leaving 9,807 employees as of June.

While the company plans to launch an initial public offering (IPO) on the stock exchange next year, it continues to face significant expenses, including 8 billion lira in marketing costs and 2.7 billion lira in interest expenses. The downsizing includes reductions in major cities, with 18 fewer branches in Istanbul and 5 fewer in Ankara.