Swiss retail giant Migros has posted a drop in revenue in sales update for fiscal 2011, released today (16 January).
The group saw sales fall 0.7% to CHF21bn (US$22bn), blaming a “difficult market environment”. Underlying sales grew 2.1%, but a 2.8% fall in food prices hit sales.
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The ten co-operatives that are part of the group had domestic sales of CHF14.46bn, a fall of 3.4%. Stripping out inflation, Migros said it increased sales in real terms by 0.5%, despite a difficult market, especially the rise in “shopping tourism” caused by the weakness of the euro and strength of the Swiss franc.
Migros also announced its operations in France and Germany generated CHF205m in sales, a 2% rise.
The group now has 623 locations, 13 more than in 2010.
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By GlobalData
