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Migros checks out well in 2008

Migros posted a net profit of SFr701 million ($614.9 million) for 2008, the third highest in company history, although earnings were down on 2007.

The company, which includes grocery stores, banks, electronics shops and other divisions, said on Tuesday that turnover for the group as a whole jumped 13.5 per cent in 2008 to SFr25.75 billion. The increase is thanks largely to an upturn in retail sales that amounted to SFr21.6 billion.

The company's earnings before interest and taxes also increased 6.7 per cent, although profits fell SFr100 million compared with 2007 totals.

The Migros group workforce increased in 2008 by 1.7 per cent, and now stands at 84,096.

Migros expects to grow two per cent in 2009. Online commerce and its convenience outlets at filling stations and railway stations should expand better than average while sales in travel and furniture are expected to decline.

swissinfo with agencies

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