Switzerland's largest retailer Migros has announced that its net profit rose by 20 per cent to SFr846m (€592.2m) in 2009, the best result in the company's 85-year history.
'Despite the economic crisis and depressed consumer mood, Migros has developed in a good way in the business year 2009 and strengthened its leading position in the Swiss market,' the group said in a statement.
Migros attributed the positive result, as well as a 3.6 per cent jump in operating profit, to what it described as a 'massive increase' in productivity.
However, the group's turnover for the 12-month period fell 3.1 per cent to SFr24.95bn (€17.46bn), which operates more than 500 grocery outlets as well as petrol stations, travel agencies and banks throughout Switzerland.
A downturn in crude oil prices as well as a fall in the prices it charged for a range of products contributed to the slump, as did disappointing results in the company’s travel division, Migros said.
Overall, Migros has a 20.4 per cent share of the Swiss market, slightly down on last year (20.5 per cent).
According to SwissInfo.ch, analysts suggest the market leader is losing ground to its main rival Coop, which last year saw its sales and market share rise.
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