Switzerland: Migros announces record sales
Migros, Switzerland’s biggest retailer, has announced a rise in its annual revenues.
The leading Swiss retailer saw sales climb 7% compared to 2012, achieving CHF 26.7 billion ($30.1 billion). The revenue boost was largely attributed to the strong performance of Tegut, the German supermarket chain that the company bought in 2012.
Meanwhile net earnings rose for the third year in a row, up to CHF 724 million ($816 million).
The release of Migros’s financials comes on the back of results from Coop – Migros’s main rival in the Swiss retail market – which also reported higher revenues for 2013 at almost CHF 27 billion ($30.5 billion). Coop’s net profit was CHF 462 million ($521 million) in 2013, an increase of CHF 10 million ($11.3 million) from 2012.
However, Migros, which employs over 90,000 people worldwide, also recognised that the global financial situation remains challenging. CEO Herbert Bollinger said he expected prices to remain “stable” in 2014 in the company's supermarkets and hypermarkets.
Source: The Local