Swiss grocery retailer Migros said turnover in its grocery retail division was hit by a series of price reductions.
The group said today (19 January) that grocery retail sales were down 0.4% for 2010 to CHF15.15bn (US$15.8bn), which it attributed to a 3% decline in selling prices.
Go deeper with GlobalData
Migros said that removing the impact of the price decreases would have pushed sales up 2.6%. It added that volumes were up in 2010.
Migros cited, for instance, that meat and poultry prices fell 6.5%, while fruit and vegetables were down by 3.8%.
The company said its new Migros premium range achieved turnover of CHF41m.
See Also:
Its online grocery arm, meanwhile, recorded a 15% gain in sales to CHF151m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMigros, which owns a series of food manufacturing businesses, said consolidated turnover was up 0.3% for the full year.
Click here for the retailer’s full earnings statement.
