Swiss retail group Migros has reported year-on-year sales growth of 5.9% to CHF 31.9 billion (€34.1 billion) in its 2023 financial year.
Migros saw robust growth in all business segments, with the online retail and health and financial services segments contributing to its overall performance, the company added.
Retail sales in Switzerland amounted to CHF 24.1 billion (€25.8 billion), up 4.1% compared to the previous financial year. Elsewhere, online sales grew by 10.3% to CHF 4.1 billion (€4.39 billion).
Market Leader
Migros said that it consolidated its market leadership during the year, with its supermarket business witnessing 3.6% growth, and Migros Gastronomie reporting a 10.2% increase.
During the year, the local products 'Aus der Region. Für die Region' (From the region. For the region) and the M-Budget range gained popularity.
Market-Share Gain
"We succeeded in gaining significant market share in the supermarket business, which is at the heart of Migros," saud Mario Irminger, chair of the executive board of the Federation of Migros Cooperatives.
"The challenges remain significant. In order to continue offering our customers top services, we must strengthen our market position in the long term and increase profitability," he cautioned.
Supermarkt AG, which commenced operations at the beginning of 2024, will help Migros to offer its products and services more effectively across the entire value chain.
The retailer plans to reduce the prices of around 450 products from next week.
Over the course of the year, further price reductions will follow to ease the burden on households affected by the rise in health insurance premiums and rents, the company added.
Other Divisions
Migros Industrie reported a 3.9% increase in sales to CHF 6.0 billion (€6.42 billion), driven by rising demand in its supermarket business.
Elsewhere, Galaxus Group saw growth of 11.6% to CHF 2.5 billion (€2.68 billion), driven by its online business, while the convenience chain Migrolino reported a 0.1% decline to CHF 0.8 billion (€0.85 billion).
Discount retailer Denner saw 4.0% year-on-year growth to CHF 3.8 billion (€4.07 billion).
The Hotelplan Group saw sales up 20.6% to CHF 1.7 billion (€1.82 billion) as it continued to recover after the pandemic.
