Swiss retail giant Migros has posted a drop in revenue in sales update for fiscal 2011, released today (16 January).

The group saw sales fall 0.7% to CHF21bn (US$22bn), blaming a “difficult market environment”. Underlying sales grew 2.1%, but a 2.8% fall in food prices hit sales.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The ten co-operatives that are part of the group had domestic sales of CHF14.46bn, a fall of 3.4%. Stripping out inflation, Migros said it increased sales in real terms by 0.5%, despite a difficult market, especially the rise in “shopping tourism” caused by the weakness of the euro and strength of the Swiss franc.

Migros also announced its operations in France and Germany generated CHF205m in sales, a 2% rise.

The group now has 623 locations, 13 more than in 2010.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now