Migros reported higher sales and profits

Migros reported higher sales and profits

Swiss manufacturing and retail giant Migros saw profits rise in 2013, helped by an increase in sales boosted by its 2012 acquisition of German business Tegut.

Migros's net profit reached CHF771m last year, up from CHF724m in 2012.

The co-operative, which runs retail stores, is a wholesaler and has manufacturing operations in sectors including dairy, announced its sales figures in January.

Migros generated revenue of CHF26.73bn (US$29.49bn), up 6.9% on 2012.

Retail sales were up 7.2% at CHF22.87bn. The purchase of German retailer and manufacturer Tegut in autumn 2012 boosted the performance of Migros's retail arm. However, the company said its retail sales without the Tegut deal would have been up 1.6%, which it described as "very pleasing".