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April 9, 2013

SWITZ: Migros records “solid” FY

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

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.

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