Swiss retail giant Migros has posted a drop in revenue in sales update for fiscal 2011, released today (16 January).
The group saw sales fall 0.7% to CHF21bn (US$22bn), blaming a “difficult market environment”. Underlying sales grew 2.1%, but a 2.8% fall in food prices hit sales.
Go deeper with GlobalData
The ten co-operatives that are part of the group had domestic sales of CHF14.46bn, a fall of 3.4%. Stripping out inflation, Migros said it increased sales in real terms by 0.5%, despite a difficult market, especially the rise in “shopping tourism” caused by the weakness of the euro and strength of the Swiss franc.
Migros also announced its operations in France and Germany generated CHF205m in sales, a 2% rise.
The group now has 623 locations, 13 more than in 2010.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
