Swiss retail giant Migros today (30 March) booked a 3.6% rise in annual profits as an efficiency drive helped offset falling sales in 2009.

The company posted EBIT of CHF1.15bn (US$1.08bn) for 2009, a rise of 3.6% on the year and an increase that came as turnover fell 3.1% to CHF24.95bn.

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Migros, which also has operations in sectors ranging from foodservice to banking, said retail sales slid 2.4% to CHF21.04bn.

Nevertheless, Migros insisted it had fared well in comparison to its domestic rivals despite its market share dipping from 20.5% to 20.4%.

In the food sector, Migros’s market share slipped 0.5% to 28.1%.

“Like previous years, in an economic context however unfavorable, Migros has seen his business grow very satisfactorily in 2009 and strengthened its position as market leader in Switzerland,” the company said.

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Net profit climbed 20.7% to CHF846m.