Swiss market leader Migros reported group net sales declined 3% to CHF24.95bn (£14.7bn) for 2009.

The group blamed lower prices of Migros’ products, a dramatic drop in crude oil prices and a decline in business travel for
the drop.

However, net profit soared 20.8% to CHF846m (£500m). And the group’s other fascias recorded encouraging sales growth: 2.5% at discount chain Denner, 18% at grocery ecommerce division LeShop and 4.8% at sport and leisure stores banner SportXX.