Migros reports drop in profits
Switzerland's biggest retailer Migros suffered a slight drop in profits in 2007.
On Wednesday the group reported a net profit of SFr801 million ($793 million) in 2007 – 4.5 per cent less than in the previous year.
The results contrast with Migros’ main competitor, Coop, which announced a nearly 13 per cent rise in net profit in February. Together, the companies make up 30 per cent of the retail trade market share.
Despite the fall in profits, turnover for the Migros group increased by 6.2 per cent to SFr22.697 billion in the last year.
The group said it benefited from a “good consumer spending climate” in 2007 and is forecasting two per cent growth across the entire group for the coming year.
Migros is a cooperative society, divided into ten regions, with about 12 million members. By the end of 2007, it employed more than 82,000 people.
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