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.
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.
Its online grocery arm, meanwhile, recorded a 15% gain in sales to CHF151m.
Migros, 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.