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Switzerland: Migros profits downMigros has blamed a 22% drop in profits on the strength of currency and consumer tourism.
Migros reported a SFr192 million ($212 million) fall in profits to SFr659 million while sales revenue sank 0.9 per cent to SFr24.9 billion.
it is suggested that consumers are purchasing cheaper goods in neighbouring countries.
A Credit Suisse survey estimated that Swiss retailers lost up to SFr5 billion in cross border shopping last year as consumers took flight from the strong franc in favour of weaker euro prices in countries such as Germany and France.
The expansion of German discount chains into the country has also eaten into profits.
Migros has stated that its share of the food market in Switzerland shrank by 0.6 per cent to 26.7 per cent last year.
Swiss discount supermarket Denner, owned by Migros, recorded flat profits last year while the groupís online business, Le Shop, saw a 1.3 per cent drop in results.
Publication date: 3/29/2012
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