SWITZERLAND: Migros reports weak FY results | Progresiv

The Migros Swiss group has reported a drop in profit for its last fiscal year, even as revenue only slightly edged up. 

Net profit was down 4.2% year-on-year to 791m Swiss francs, while revenue was up 0.1% to 27.4 billion francs (+0.7% constant-currency terms). Sales were flat in its home market at 11.7 billion francs, but they fell by 1.1% in France (-12.8% in constant-currency terms), and by 11.2% at Tegut in Germany (+1.1% in constant-currency terms).

Migros added that it had managed to grow customer traffic and market share, despite tough conditions during the year as more Swiss shoppers hopped across the border to benefit from the currency rate. (www.kamcity.com)