Globus reports sales of over SFr2 billion for first time

The Swiss retail chain, Globus, says its profit for 1999 nearly doubled from the SFr14.5 million reported in 1998. Sales exceeded the SFr2 billion mark for the first time.

The Swiss retail chain, Globus, says its profit for 1999 nearly doubled from the SFr14.5 million ($9.35 million) reported in 1998. Sales exceeded the SFr2 billion ($1.3 billion) mark for the first time.

No exact figure was released. But the company says increased customer confidence, especially leading up to the Christmas period, saw sales breach the SFr2 billion mark. Sales were up more than four per cent on the previous year.

The Migros owned company said it now expected to pay a dividend for the first time in several years.

Analysts will see the news as further evidence of a robust economic recovery. The news follows Wednesday’s retail sales figures for November, which were up four per cent year on year.

Private consumption demand is particularly important for the Swiss economy, accounting for about 60 per cent of the country’s GDP.

From staff and wire reports