Swiss food retailer and manufacturer Migros has announced a rise in sales in 2004 to 20.303bn Swiss francs (US$16.9bn). Profit rose to 545m francs from 372m in 2003.

Migros described 2004 as one of its best years, despite difficult economic conditions and a largely saturated market.

Migros reduced the number of its supermarkets by two to 540 during the year.

The company said that it expected growth above average at 2% in 2005, with profits at least as high as in 2004.