SWITZ: Migros 2013 sales up on organic growth, Tegut buy
Migros reported organic growth from retail and manufacturing arms
Swiss manufacturing and retail giant Migros saw sales increase 7% in 2013, helped by organic growth but also its 2012 acquisition of German business Tegut.
Migros generated revenue of CHF26.73bn (US$29.49bn), up 6.9% on 2012, the company said on Wednesday (15 January).
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".
Sales at Migros's co-operative stores were up 9.1% at CHF15.84bn, including the impact of the Tegut deal.
At Denner, Migros's domestic discount chain, sales increased 1.5% to CHF2.88bn.
Revenue from the company's Migros Industrie manufacturing arm was up 6.3% at CHF5.76bn, helped by the acquisitions of Swiss wholesale chain CCA Angehrn and local dairy firm Bergsenn. Organic growth at Migros Industrie was up 3.4%.
"Behind these numbers is [an] excellent overall performance. Despite intense competition and falling prices, we experienced healthy growth momentum in all our areas of activity," Migros chairman and CEO Herbert Bolliger said.
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