Migros reports flat sales in 2010
Migros, Switzerland’s largest retail group, has reported that sales and profits remained flat in 2010.
The group, which is best known for the supermarket chain of the same name, but which also owns travel agencies, fuelling stations and banks, reported a 0.4 per cent increase in yearly sales to SFr25.04 billion ($27.16 billion).
Annual profits rose by SFr5.3 million, or 0.9 per cent, to SFr581.6 million.
Announcing the results, Migros CEO Herbert Bolliger said 2010 had been “a very good year” for the company, pointing to tough comparisons with 2009 during which profits had jumped by 20 per cent.
The company said it had maintained its position as market leader despite reducing product prices in its supermarkets by 2.1 per cent, which it said cost the company SFr436 million.
The company saw its overall share of the retail market slide from 20.4 per cent in 2009 to 20.1 per cent in 2010.
The group also announced it would increase remuneration to its seven-member executive board by SFr150,000 to SFr4.95 million.
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