Swiss retail and food cooperative Migros has posted a jump in full-year revenues, driven by gains at its retail businesses.
Group sales rose 13.5% during the 12 months, rising to CHF25.8bn (US$22.67bn), boosted by a 16.3% increase in retail revenue, which rose to CHF21.6bn.
EBIT increased 6.7% to CHF70m “in essence due to the retail trade”, Migros said.
However, net profit dropped 12.5%, in part due to adverse conditions in the financial markets, falling to CHF701m.
Over the course of the year, Migros grew its market share in Switzerland by 2.2% to 20.5%. In the food retail sector, Migros’ market share rose 3.6%, increasing to 28.6%.
The company revealed that it plans to continue to drive market share and sales gains in its home market over the next three years, by investing up to CHF5bn in expanding its Swiss business.