Q2 2026 Tab Gida Sanayi ve Ticaret AS Earnings Call
Speaker #1: Good afternoon, everyone. Welcome to Tab Gida Q2 2026 results conference call on the 6th of August 2026. Please note at this time all participants' lines are on listen-only mode, the format of the call today will be a presentation by the management and IR team followed by a question-and-answer session.
Speaker #1: So without further ado, I would like to pass the line to Mr. Chan Ostropak, please go ahead, sir.
Speaker #2: Good day, everyone, and welcome to Tab Gida's 2026 Q2 results conference call. My name is Jan Ostropak, head of investor relations. Today's speakers are our co-CEO, Sina Nunal, responsible for strategy and marketing, and Özgür Çetinkaya, who leads finance and franchise operations.
Speaker #2: Before we begin, I'd like to remind you that today's presentation includes four statements, which are subject to risks and uncertainties and may change over time.
Speaker #2: As in previous quarters, our financial results are reported under IS-29 Inflation Accounting. To provide additional context, we have also included certain inflation unadjusted metrics.
Speaker #2: You can access today's presentation online for your reference. With that, let me hand the call over to Sina.
Speaker #3: Thank you, Jan. Hello everyone, and welcome to our call. We are pleased to deliver another strong quarter, sustaining our operational momentum through the first half of 2026.
Speaker #3: Our performance this quarter reflects our continued focus on driving traffic, expanding our footprint in a disciplined way, and strengthening our digital capabilities. Starting with system-wide sales, we reached 22.4 billion Turkish lira, representing a 42% year-on-year increase, demonstrating the continuous strength of our brands and network.
Speaker #3: Under IS-29, revenues grew by 11% year-on-year to 16.2 billion Turkish lira, while EBITDA increased similarly by 10% to 3.7 billion Turkish lira, with a margin of 22.5%.
Speaker #3: These results highlight the resilience of our business model and our execution capability, in a challenging macro environment. On the operational side, we continued to see healthy traffic growth, with the number of tickets increasing by 10% year-on-year to 73 million, supported by both in-store and digital channels.
Speaker #3: Delivery remained a key growth driver, with orders up 24% year-on-year, reaching 18 million further increasing its importance within our overall channel mix. We also continued to expand our restaurant network in a disciplined manner, reaching 2,100 restaurants with four 40 openings during the quarter.
Speaker #3: At the same time, our digital transformation continues to accelerate, with the number of self-order screens exceeding 3,200, supporting both operational efficiency and high customer engagement.
Speaker #3: Overall, we maintain strong momentum, which gives us confidence for the rest of the year and our ability to deliver sustainable growth. As always, I would like to thank our restaurant teams and franchisee partners for their continued dedication and execution.
Speaker #3: Next slide, please. In the second quarter, we stayed focused on three priorities that helped us deliver both strong growth and healthy profitability. First, we continued to build on the momentum in our digital business.
Speaker #3: Digital sales reached 56% of total system sales, supported by strong delivery execution, higher penetration of self-order screens, and personalized engagement through exclusive campaigns and an improved customer experience.
Speaker #3: As our digital ecosystem growth, we are strengthening customer loyalty while making our operations more efficient. Second, we kept investing in our brands. New product launches, and local events helped us connect with different customer segments and keep our brands top of mind.
Speaker #3: We were also very pleased to see Burger King recognized as the brand of the year by consumers in Türkiye, which is a great validation of both the strength of the brand and the work our teams have done.
Speaker #3: At the same time, Popeyes and Arby's continued to lead the portfolio in both traffic and digital growth this quarter, a reflection of the depth and diversification across our brand portfolio with momentum shared across our brands.
Speaker #3: Finally, we remained focused on affordability. Across several brands, we introduced value offerings that appealed to budget-conscious consumers while also encouraging larger baskets. Some of these launches delivered record sales performance.
Speaker #3: Also, thanks to disciplined food cost management, we were able to offer compelling value without putting pressure on our margins. When you look at these initiatives, altogether, they highlight what makes our business resilient.
Speaker #3: We are not just responding to a challenging consumer environment, but we are using also it to deepen customer relationships, strengthen our brands, expand our digital ecosystem, and position the business for sustainable profitable growth.
Speaker #3: Next slide, please. As I said, this quarter we opened 14 new restaurants, bringing our total network to 2,100 locations. One trend we're particularly pleased with is the continued shift toward franchising.
Speaker #3: Half of our openings this quarter were franchise restaurants, reflecting both strong demand from our franchisee partners and the success of our capital life growth strategy.
Speaker #3: Growth, however, is not just about opening new restaurants. We also invested in our existing footprint by completing 35 restaurant renovations during the quarter. These renovations helped keep our restaurants modern and attractive, strengthening the customer experience and support long-term sales performance.
Speaker #3: Overall, we are continuing to execute a balanced expansion strategy, growing our network, increasing the contribution of franchising, and investing in the quality of our existing restaurants.
Speaker #3: We believe this combination positions us well for sustainable profitable growth over the long term. Next slide, please. Marketing remained a key growth driver in the second quarter, and our approach was to connect with different consumer segments through targeted products, partnerships, and campaigns, rather than relying on a one-size-fits-all strategy.
Speaker #3: For younger consumers, we increased brand visibility via participating 20 different festivals, and events, which are mobile kitchens. We also strengthened our engagement with our Star Wars collaboration, introducing the Mandalorian kids menu at Burger King.
Speaker #3: Students remained another important focus. Across our brands, we introduced value-oriented student menus, helping us stay relevant with a highly price-sensitive customer group while continuing to drive traffic.
Speaker #3: These initiatives delivered strong results. On the last day of school alone, we served approximately 2 million customers across 1.2 million tickets. We also expanded into newer consumption occasions.
Speaker #3: For gamers, Burger King launched the Kings of the Games menu, while for protein seeker consumers, we continued to build our protein-focused offerings through Subway's protein series and Ustad Energy's Fitball.
Speaker #3: At the same time, we kept our menus fresh with a steady pipeline of innovation. We introduced new products across multiple brands, including Swarov, Popeyes, and Arby's.
Speaker #3: As we entered summer months, our seasonal launches, particularly in ice cream category and Burger King's refresher platform, generated strong consumer interest and supported category growth.
Speaker #3: Our ice cream sales delivered double-digit year-over-year growth in the second quarter. Taken together, these initiatives reflect the strength of our multi-brand portfolio. By tailoring our marketing and product innovation to different consumer needs and occasions, we are also able to broaden our customer base, keep our brands relevant, and drive sustainable growth across the portfolio, of course.
Speaker #3: Next slide, please. Now I'd like to talk a little bit about digitalization, which continues to be one of the key pillars of our growth strategy and an important driver of customer engagement.
Speaker #3: We are seeing strong momentum across all of our digital channels. In the first half of the year, digital sales reached 56% of total system sales, up from 46% in the first half of the last year and 50% in the full year of 2025.
Speaker #3: This reflects the continued success of our omnichannel strategy and the investment we've made in enhancing the customer experience. Starting with delivery, delivery sales increased to 31% of total sales, driven not only by higher demand but also by better execution.
Speaker #3: Improvements in packaging, courier operations, and delivery times have helped us provide more consistent customer experience while supporting growth in the channel. We are also seeing strong progress with self-order screens.
Speaker #3: Their shares of sales increased from 14 to 20%, and we have now rolled them out to around 75% of
Speaker #1: Of , , restaurants , , across our major brands beyond improving convenience kiosks continue to generate around 20% higher average checks than traditional country orders , making them attractive from both a customer and profitability perspective Finally , we continue to strengthen customer engagement , growing adoption of click and collect together with personalized promotions powered by customer data is helping us improve convenience , increase loyalty , and drive higher order pregnancy .
Speaker #1: These are not stand alone initiatives , but parts of an integrated digital ecosystem that strengthens customer engagement , improve operational efficiency and support long term profitable growth With that , let me hand the call over to Osgar to take you through the financial results
Speaker #2: Thank you . Sheena Let me now walk you through how our operational execution and commercial initiatives translated into our financial performance . As usual , we present our results both including and excluding ES 29 inflation accounting to provide a clearer view of the underlying business performance Overall , we delivered another quarter of solid , real growth across our key financial metrics .
Speaker #2: In real terms , revenues increased by 11% year on year to 16.2 billion TL in the second quarter of 2026 . As a reminder , our revenues include sales from company operated restaurants as well as commissions generated from our franchise network .
Speaker #2: On the profitability side , we continue to demonstrate the resilience of our business model despite the inflationary impact of higher oil prices Disciplined cost management together with effective pricing and commercial initiatives , allowed us to protect our profitability .
Speaker #2: As a result , we maintained our EBITDA margin at 22.5% , while real EBITDA increased by 10% year on year to 3.7 billion TL .
Speaker #2: Moving to the bottom line , we maintained our real net income year on year despite a particularly strong comparison . In the second quarter of last year , due to a technicality about tax accounting practices As we discussed last quarter Q2 2025 benefited from a favorable tax accounting effect as tax calculations were still prepared under the assumption that inflation accounting would apply Adjusting for this technical impact .
Speaker #2: Our underlying real net income increased by 19% year on year This performance was supported by strong operation execution , together with healthy financial income generated from our robust cash position Looking at the first half as a whole , revenues increased by 13% year on year to 30.3 billion .
Speaker #2: Turkish liras , while EBITDA grew by 12% to 6 billion Turkish liras . Maintaining a healthy margin of 20% . Adjusted net income increased by 16% year on year to 1.8 billion .
Speaker #2: Turkish liras Overall , these results demonstrate the resilience of our business model and our ability to continue delivering profitable growth . Despite a challenging operating environment This gives us confidence in achieving our full year guidance Next slide .
Speaker #2: Please On this slide , I would like to compliment the previous discussion by looking at our performance on a pre 29 basis . The second quarter was another period of healthy demand with the number of tickets increasing by 10% year on year to 72.8 million .
Speaker #2: Combined with this increase in average ticket size , this resulted in system wide sales growth of 42% , reaching 22.4 billion PL in the second quarter of 2026 .
Speaker #2: Revenue followed a similar trajectory, increasing by 46% year on year to 15.8 billion TL. Profitability also remained resilient. We maintained our EBITDA margin at 22%.
Speaker #2: Resulting in a growth of 47% year on year to 3.5 billion Turkish lira . Net income reached 2.5 billion . Turkish liras in the quarter .
Speaker #2: As we explained on the previous slide . Year on year , comparability at the bottom line is affected by certain accounting and tax related technical items On an adjusted basis , our net income growth was 52% .
Speaker #2: In Q2 2026, looking at the first half as a whole, we generated 122 million tickets, while systemwide sales exceeded 40 billion Turkish liras and revenues reached 28.5 billion.
Speaker #2: Turkish EBITDA increased by 50% year on year to 5.6 billion . TL , while increasing our margin by ten basis points to 19.7% .
Speaker #2: Adjusted net income reached 3.7 billion . Turkish liras , up 43% year on year Overall , these results demonstrate strong pipeline top line growth while preserving profitability , keeping us well positioned to achieve our full year objectives Next slide please Let me now turn to our working capital management and capital expenditures Our business continues to benefit from structurally negative working capital position , which remains one of the key strengths of our operating models .
Speaker #2: With cash collected immediately at the point of sale . Low inventory requirements supported by our integrated ecosystem . We continue to generate strong operational cash flow while efficiently funding our growth Although working capital naturally fluctuates throughout the year due to seasonality , the underlying structure of the business remains unchanged and continues to support healthy liquidity Turning to capital expenditures .
Speaker #2: We invested 2.2 billion Turkish lira during the first half of 2026 , primarily to support new restaurant opening and ongoing renovation of our existing network .
Speaker #2: CapEx represented 7.2% of revenues broadly in line with our expectations and slightly below the 7.5% recorded in the same period last year . This reflects our disciplined capital allocation approach as we continue investing on growth while steadily improving capital efficiency As we have previously communicated , our CapEx to revenue ratio is now normalized from 10% level recorded in the full year of 2025 .
Speaker #2: Next slide please Let me now turn to our balance sheet We continue to maintain a strong and healthy financial position , supported by our cash generative business model and disciplined financial management As of the end of the second quarter , we had 9.4 billion in cash and cash equivalents with no debt on our balance sheet , while our cash balance declined compared to year end .
Speaker #2: This mainly reflects the 1.3 million billion Turkish dividend payment completed during the quarter . Together with our continued investment in expanding and upgrading our restaurant network We have no material foreign currency exposure with no FX denominated debt and a local sourcing models .
Speaker #2: We are well protected , protected against against currency volatility Importantly , our balance sheet remains exceptionally strong and continues to provide ample financial flexibility to support future growth opportunities Combined with our strong cash flow generation , we believe this capital structure positions us well to execute our long term , long term strategy .
Speaker #2: While maintaining a prudent financial profile Next slide . Please Finally , let me say a few words about our outlook for the rest of the year The environment remains challenging Inflation has stayed above the level of .
Speaker #2: We assumed when we set our guidance , which continues to pressure consumers purchasing power At the same time , we are still seeing cost inflation and we expect these headwinds to continue throughout the second half Having said this , we have been managing this environment for some time , and our business is builds to adapt One of our key strengths is our diversified brand portfolio .
Speaker #2: Having a meaningful presence in chicken based concepts alongside our beef brands provides a natural buffer against volatility in input costs . We are also staying disciplined on pricing our value offerings across brands allow us to remain accessible for consumers .
Speaker #2: While protecting both to traffic and profitability As a result , we are maintaining our full year 2026 guidance around 10% new store openings , 8 to 10% real revenue growth and maintaining our EBITDA margins .
Speaker #2: Thank you
Speaker #3: Okay . Thank you , thank you very much . So ladies and gentlemen , we'll now move to the question and answer section .
Speaker #3: If you would like to ask a question , please press star two on your phone and wait to be prompted . If you are dialed in by the web , you can type your question in the box provided or request to ask a voice question To give every participant a chance to ask questions , we would kindly ask you to limit your questions to two .
Speaker #3: At that time, it will be possible to ask follow-up questions. So we have our first voice question coming from Jamal Dimitrov from Yatirim.
Speaker #3: Please go ahead. Your line is now open.
Speaker #4: Do you hear me?
Speaker #3: Yes, yes, we can hear you.
Speaker #4: Okay . Thank you . , thank you for the presentation and congratulations for the results . , my question is about , , , trends in third quarter .
Speaker #4: Could you further elaborate that because your guidance looks conservative , considering the first , half , , do you see any indication of slowdown in the consumer side and particularly in your sector ?
Speaker #4: , that will be helpful . And regarding the pace of your , , you know , the CapEx side or new restaurant openings , , should we expect , , some momentum in the third quarter or fourth quarter ?
Speaker #4: Thank you
Speaker #1: , thank you . Jamal , this is , , let me try to handle your questions . , I mean , in terms of , , guidance , , at this stage , I can tell that we are on track with our guidance .
Speaker #1: , but we still want to see how the , especially the back to school season develops before , , I mean , drawing firm conclusions .
Speaker #1: I mean , that's for sure that the second half will be tougher , but , , I mean , there are clearly some risks , , in the market , especially on the , , geopolitical tension .
Speaker #1: Have effective , , consumer , of course , negatively , , and we see that the purchasing power is now more , , , I mean , constraints , , but that said , we are , , as you know , at the bottom of the pyramid .
Speaker #1: So , , I mean , in previous , like this , consumers tend to trade down and quick service restaurants often become the go to destination .
Speaker #1: And we believe that we will capture additional market share in the upcoming , period . And also , I mean , , of course , we will continue to manage the business .
Speaker #1: Through pricing and also many architecture . So overall , we are still in line with our expectations . , but as I said , we do expect , , the second half of the year , , to be more challenging .
Speaker #1: And which is why we are taking a cautious approach . , but at the same time , we have backup plans , , plan A , B , C , D , , and we are ready to , activate them if market conditions , , require , , coming to the , , CapEx , , question , , I mean , the number of store , , opened was around like 40 , , in the second , Quarter , but starting , , from , , July , we basically opened the store every day .
Speaker #1: , I mean , , we opened as of today , , 105 , , total outlets in 2027 . , six , , which is the expectation and still in line with the 10% yearly growth .
Speaker #1: , target and , , in terms of CapEx , CapEx started normalize , , as you know , last year was a different unique year , , full of opportunities .
Speaker #1: And that's why , , last year's CapEx , , ratio was around like 10% , but in a normal period , we expect it to be around like 7% , as we said .
Speaker #1: And it normalized , but we are still on track in every aspect of the guidance . , a compact and answer , .
Speaker #4: Is a follow up , , in first quarter and second quarter , you opened net openings around 67 , , from my numbers .
Speaker #4: And you mentioned that you have 107 as of now , which means .
Speaker #1: Yes . as of first of starting from 1st of July to today , we opened 35 more outlets . 35 okay . One outlet per day .
Speaker #1: , okay .
Speaker #4: Okay . Thank you .
Speaker #1: Thank you . Hope that helps .
Speaker #4: Thank you . Helpful .
Speaker #3: Thank you . Thank you very much . So our next voice question comes from Maxim Nekrasov from Citi . Max , please go ahead .
Speaker #3: Your line is now open.
Speaker #5: , yes . Thank you so much for the presentation . , I have a few questions . , the first one is a bit of a follow up on the consumer trends .
Speaker #5: And , , if you expect the consumer situation to remain , , quite challenging , , do you see risks to gross margins if consumer becomes more price sensitive or , , do you see a need to kind of activate your promotions or value offering ?
Speaker #5: , and , , what , how do you plan to basically offset , , those risks ? Have any plans ? , the second question is a bit of a more traditional question on the competition and on the trends that you see in terms of competitive , , developments in , , in Turkey specifically , , and the final one is on , , on China , right ?
Speaker #5: And Chinese expansion , , maybe you can talk more about your ambition for , for , on franchise , , development in the country and what KPIs you would be tracking , , before deciding to broader rollout .
Speaker #5: And also, whether you plan to add more countries going forward. Thank you.
Speaker #1: Let me start from the last one . , in China , we are the brand owner . And , , the , I mean , the management is done .
Speaker #1: , by a franchisee . So I mean , we are at the exploration stage , , so , , right now , I mean , it's not someone else .
Speaker #1: It's tfi already . , but I mean , we are at exploration stage and it's too early to talk about it . And , , coming to your , , second question , , it was about the competitive , , competition .
Speaker #1: I mean , there is no big change in the competition , but I mean , we expect , Tough environment , , in the second half , as I said , having said this , it will help us to gain market share .
Speaker #1: , why I'm saying this . I will also answer , , to your first question , , with that answer , , this is the environment that we like the most .
Speaker #1: , when things get tougher and tougher and when the economy becomes , , in , , that , , shape , , we become more attractive because of the down , , impact .
Speaker #1: As I said , we have spent a , B , C , D and we are well prepared . And we know right now , , how to play .
Speaker #1: I think one of our strong goals is the agility . So we didn't expect the inflation to be that high . I mean , our initial numbers were like 5 or 6% below , , today's numbers .
Speaker #1: , but we were able to adjust ourselves in the first half , , and , , I mean , we will be doing the same thing , , accordingly in the second half as well .
Speaker #1: So we don't expect a soft market , but I mean , within this hard markets , we believe that , , with the economies of scale and also having the ecosystem , , we will be able , , to , , gain additional , , market share .
Speaker #1: And we have a lot of , , promotions , prepared . , we have a lot of innovations , , and new product launch , , that we believe that will be the driving traffic and within the last , , 2 or 3 years , the environment was always like this .
Speaker #1: And we were able to keep the margins , , within this , , areas within these numbers . So I think in the second half also , we will be able to , , keep the margins and also manage the pricing and also the product mix accordingly
Speaker #5: Understood . That's , that's very clear . And maybe just , , just a small follow up . , on , on , , I know you don't report it , but maybe if you can comment on the real or nominal , like for like growth dynamic , , in the first half of the year and the second quarter
Speaker #1: , in the first half , the , , like for like growth was around 4 or 5% , , I don't have the specific number in my , , hands right now , but I mean , it was between four and 5% .
Speaker #1: I think the , for the rest of the year , , the number should be , , around like , , for percentage
Speaker #5: , yeah , I assume that's real growth , right ?
Speaker #1: Yeah . I mean , for the rest of the year , , in terms of , , ticket growth , , what I'm talking as like , like for like , sales , I mean , because of the inflation , we generally talk within the company , , in terms of secret story for , , not explaining it properly , but I mean , in terms of tickets , the real growth was 4 to 5% .
Speaker #1: , in the first quarter . We expect a similar , , growth , , in the second , half , , regarding of the consumer , , purchasing power change .
Speaker #1: So it can adapt . But I mean , before seeing the back to school time , it's not that easy to talk . , certainly on that .
Speaker #1: So we just , that's why , I mean , we just want to see , , mid of a September before commenting , , more on that one .
Speaker #1: Thank you . so much .
Speaker #5: It's very helpful .
Speaker #1: Still on track with our guidance
Speaker #3: Okay . Thank you . Thank you very much . Our next question comes from Aaron Artis from Yapi Kredi . Aaron , please go ahead .
Speaker #3: Your line is now open .
Speaker #6: Hello . Can you hear me ?
Speaker #3: Yes , yes , we can hear you . Please go ahead .
Speaker #6: Thank you , thank you for the presentation . , I have two questions . The first one is regarding the ticket numbers . When we look at the numbers , we observe 10% year over year growth .
Speaker #6: But , , at the same time , your restaurant network is growing . Also 10% . So when we , we are calculating two average tickets per restaurant is around , , remaining flat .
Speaker #6: So , , could you elaborate the main drivers behind that and which brands are most prominent , prominent and it's my first question .
Speaker #6: And my second question . , what's the current share of your value meal sales , core products and upsells in , , total sales .
Speaker #6: Thank you
Speaker #1: Sorry , I was not able to hear your second part of the question .
Speaker #6: , my second question is regarding to the share of , , promotional menus , like double meals in the , , share of , in total sales and , , core products and upsells .
Speaker #6: What's the current share in total sales
Speaker #1: I mean , for the second one , we can come back to that , , after the meeting . So I don't have them in hand , but I mean , it says , , like healthy distribution , , whenever , , we try to grow , , with eco segment , we also try to balance this with , , premium segment and core segments .
Speaker #1: , then , I mean , they should be growing in a balanced way in order to keep the portfolio in a steady , , and healthy way .
Speaker #1: , so , , for your first question , so I think that's a good thing that we don't lose any tickets while growing .
Speaker #1: , 10% every year in terms of number of outlets because , I mean , you know , when you open an outlet , so generally the general expectation is the new outlet to start , like around like 65 to 70% of the , , real , , volume , , in terms of tickets of , , so that's why , I mean , still , , opening a restaurants and not losing on a key .
Speaker #1: And also having a differentiated portfolio . And you know , that we are opening also subway , Arby's , Popeyes , Burger King , I mean , from all of the brands , , that means that all the brands are now , , growing in a healthy way and also generating , , a quite important number of tickets , , I mean , for example , , talking about the , brands , you know , as I always say , 5 to 6 years ago , we were only talking about Burger King .
Speaker #1: Now we are talking about , , healthy portfolio . , differentiated portfolio and all of our , brands , , are in positive comp numbers , , like for like numbers .
Speaker #1: So that helps , , also that you see the vial opening restaurants are , are average restaurant ticket is not dropping . Thank you .
Speaker #6: Thank you
Speaker #3: Thank you , thank you very much . Our next question is a text question from Mehmet Gertz . Osmanli portfolio . Congrats on good results .
Speaker #3: And execution . Despite difficult macro environment , do you think the tailwind provided by KFC difficulties is now over ? How much market share has Popeyes gained from KFC
Speaker #1: I mean , , thank you for the question . , I think it's hard to answer how much , , the percentage of market share gains since there is no like a big third party measuring that , , in a specific way .
Speaker #1: But I mean , I can tell that the comp numbers , , is , , still growing and Popeyes is one of our brands that has the highest , like for like sales , which means it's not the growth is not coming only from the new newly opened restaurant , but also , , coming , , from the other restaurants .
Speaker #1: But having said this , Popeyes is not only one , , growing , as I said in our , , in the previous question .
Speaker #1: So all of our seven brands are now , , in , , positive , like for like sales
Speaker #3: Thank you . Thank you very much . , our next question is from Orkun Godec . Dennis Yatirim . You said that digital sales reached 56% of total sales .
Speaker #3: How much further can this channel mix shift ? And does it come with a margin trade off
Speaker #1: I think , , I mean , , in terms of , , digital sales , I mean , sky is the limit . So to give you some context , digital sales in China , for example , , is around like 99% , even 99.9% .
Speaker #1: So we still have a long way to go . I mean , in a few years , we expect digital sales , , to reach around like 75 to 80% .
Speaker #1: And for the second part of the question , , I mean , this does not dilute our margins . I mean , for example , , delivery orders have different pricing and a higher average ticket , which helped to offset the additional costs like driver and packaging and also digital orders actually benefit our operating expenses , such as , , labor costs .
Speaker #1: So they bring us additional sales and a higher average ticket , which help us recover . , the cost of , , discounts that we make , , in this digital channels and maybe , , last but not least , another important advantage is , , of course , collecting the customer data , the information , , that we gain through these channels , , allows us to create more relevant and , personalized campaigns as a result .
Speaker #1: Of course , , I mean , we can use our marketing budget much more efficiently and , , effectively
Speaker #3: Okay . Thank you , thank you very much . , at this point in time , we are seeing no further questions . So we would like to thank everyone for participating in our call today .
Speaker #3: We look forward to seeing you again on our Q3 earnings call . This concludes our call for today will now be closing all the lines .
