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.
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.