Migros, Switzerland's largest retailer, today (29 March) reported rising profits for 2010 despite what the company called a "significant" fall in prices.

The company said net profit reached CHF851.6m (US$925.6m) last year, up 0.6% on 2009. EBIT was up 2.1% at CHF1.18bn. 

Migros's 2010 turnover rose 0.4% to CHF25.04bn. Retail sales climbed 0.8% to CHF21.2bn.

Herbert Bolliger, president of the Federation of Migros Co-operatives, said 2010 had been a "very good year" for the retailer.