German Acquisition Leads To Record Profits For Migros
Switzerland's largest retailer, Migros, posted a net profit of 771 million francs for the recent fin…Switzerland's largest retailer, Migros, posted a net profit of 771 million francs for the recent financial year, on the back of record sales.
This was up 47 million francs on the previous year, as sales were boosted by the 2012 purchase of German retailer Tegut.
The cooperative group said this week that revenues rose 7% to 26.7 billion francs from the previous year.
CEO Herbert Bolliger said he expects “stable” prices in 2014 for Migros’s supermarkets and hypermarkets, although he expects pressure on prices to continue on non-food merchandise.
In addition to its own brand food stores, Migros owns the upscale Globus department store chain, the discount Denner chain and Migrol, a network of service stations.
Migros’s results come after arch-rival Coop reported slightly higher revenues of almost 27 billion francs in 2013, up 0.9 percent from the previous year.
Coop reported a net profit of 462 million francs for the year, up 10 million francs from 2012.