Swiss retailer Migros Group said it achieved “solid” results in 2012 with increases in profit and sales.

Earnings were up 9.8% to CHF724.2m (US$775.1m), the company reported today (9 April), despite “massive” price cuts and a decline in sales from its travel business.

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EBIT climbed 0.7% to CHF985.6m. Migros pointed to a stable gross margin from its core retail business, ongoing efficiency programmes and a stronger wholesale unit.

Group sales increased by 0.6% to CHF24.99bn. Retail sales were up 1.3% to CHF21.33bn.

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