Swiss retailer Migros has reported sales growth of 1.6% year-on-year, to CHF 32.5 billion (€34.6 billion), in its full financial year 2024.
Migros added that its performance was driven by continued growth in its online retail channel as well as retail sales in Switzerland.
Online retail grew by 10.1% during the financial year, to CHF 4.5 billion (€4.8 billion), while retail sales in Switzerland increased by 1.4% to CHF 24.4 billion (€26 billion).
The company described 2024 as a 'year of new beginnings', marked by restructuring and disposals.
Annual Highlights
In the food segment, the retailer's in-store supermarket business witnessed steady growth with sales up 0.3% to CHF 12.7 billion (€13.5 billion).
Individual formats such as Migros Partners and Voi posted overall growth of 4.1%.
"This performance confirms we are on the right track with our clear focus on our supermarkets," stated Mario Irminger, president of the executive board of the Federation of Migros Cooperatives.
Migros Online, the retailer's online supermarket, saw a 6.0% increase in sales to CHF 365 million (€388.4 million), consolidating its leading position in Switzerland.
The non-food category saw a shift from bricks-and-mortar stores to online retail.
This trend mainly affected specialist stores, which Migros is currently disposing of.
The company has found buyers for Melectronics, SportX, and Bike World, while the search for a suitable new owner for Micasa and Do it + Garden is continuing.
Other Divisions
Elsewhere, Migros Industrie companies reported a 1.8% increase in sales to CHF 6.1 billion (€6.5 billion), driven by strong demand in the domestic market at the food retail formats, such as Migros supermarkets, Denner, and Migrolino.
Sales in the retail division rose 3.3% year-on-year to CHF 9.0 billion (€9.6 billion), driven by strong online business, particularly with the Galaxus Group.
The retail group has also been operating in Germany since 2018 and increased its sales for the 23rd year in a row.
Denner generated CHF 3.8 billion (+0.1%), and Migrolino's sales reached CHF 0.8 billion (+0.4%).
