Swiss retailer Migros reported a drop in full-year revenue today (19 January), hurt by lower prices, a “dramatic” drop in crude oil prices and a decline in business travel.
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Group turnover was down 3.1% on 2008, to CHF24.95bn (US$24.14bn), while retail turnover was CHF21.04bn, a fall of 2.4% year-on-year.
However, Migros’s discount stores, Denner, recorded an encouraging growth of 2.4% year-on-year to CHF2.76bn.
Online operation LeShop saw growth of 18% to CHF132m.
“In contrast to the previous year, 2008 was heavily influenced by falling sales prices. This had a significant impact on sales. Our customers thus benefit from an even better value for money,” said Migros president Herbert Bolliger.
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