The Migros Group with a successful financial year and a new sustainability strategy

For the Migros Group, 2024 was characterised by transformation and a focus on the core business with the four strategic business segments of food, non-food, financial services and health. In a challenging environment, the Migros Group increased sales by 1.8 percent to 32.5 billion CHF and confirmed its leading position in the Swiss retail sector. “Migros has had a challenging and eventful year,” says Mario Irminger, President of the Executive Board of the Federation of Migros Cooperatives. “I would like to thank all our employees, who have done an exceptional job and made this very good result possible.”

Adjusted for special effects, earnings before interest and taxes (EBIT) rose to 924 million CHF (previous year: 786 million CHF). As a result of focusing on the core business, special effects from portfolio adjustments amounting to 440 million CHF had a negative impact on the result. The majority of this is attributable to the divestment of the Migros speciality stores, which has now been completed. Earnings before interest and taxes (EBIT) thus totalled 484 million CHF in the reporting year (previous year: 286 million). Group profit totalled 419 million CHF (previous year: 175 million). The proceeds from the divestments will be incorporated into the 2025 result and lead to a positive special effect at that time.

The Migros Group is a financially sound company: the equity of Migros’ retail and industry business totalled 17.6 billion CHF at the end of 2024 (previous year: 17.5 billion). This corresponds to 78.7% of total assets (previous year: 72.8%).

The divestments announced at the beginning of 2024 have largely been completed. New owners and good solutions for employees and customers have been found for SportX, melectronics, Bikeworld, Obi, micasa and Hotelplan, while the remaining Do It + Garden stores will close by the end of June 2025. The sale process for Mibelle has not yet been completed.

Binding sustainability targets for the entire Migros Group
The environment, climate and sustainability are facing global headwinds, but the Migros Group is nevertheless sticking to its goals. It has now anchored its sustainability strategy at Group level and is focusing on the topics of people and nature. The joint Sustainability Strategy 2030 is binding for all Migros Group companies for the first time. It defines six strategic thrusts: climate, biodiversity, circular economy, product responsibility, marketing & consumption and human rights & working conditions. Some 17 goals are derived from this. For example, the Migros Group aims to reduce greenhouse gas emissions in its own operations and along its value chains to net zero by 2050.

Cooperative retailing: supermarkets make slight gains
Cooperative retailing was negatively impacted by the decline in sales at specialist stores in 2024. The ten regional Migros Cooperatives, including subsidiaries, generated slightly lower sales of 16.3 billion CHF (-0.8%). Consolidated sales, which also include sales from Migros Online, the Federation of Migros Cooperatives and other companies, totalled 17.6 billion CHF (-1.1%).

In the bricks-and-mortar supermarket business (domestic), sales remained stable (12.7 billion CHF / +0.3%). The slight growth seen for the supermarkets is due in particular to the food sector. Footfall increased again and supermarkets recorded an increase in the number of purchases (+1.8%).

Migros is investing around 2 billion CHF by 2030 in the construction of 140 new stores and the modernisation of 350 existing stores, as well as 500 million CHF per year in lower prices for well over 1,000 everyday products. In addition, Migros is strengthening its own markets and focusing even more on fresh produce and regional products.

Retail: Digitec Galaxus grows massively
The companies in the Retail department made a significant contribution to the growth of the Migros Group, above all in online retail: with sales of 2.9 billion CHF (+17.2%), the Galaxus Group once again grew strongly. Denner (3.8 billion CHF / +0.1%) and migrolino (0.8 billion CHF / +0.4%) also improved their sales in bricks-and-mortar retail, albeit only slightly. In Migrol’s business, sales volumes declined (CHF 1.4 billion / -9.7%) and oil prices fell (CHF 1.4 billion / -9.7%). Overall, sales in the Retail department rose to 9.0 billion CHF (+3.3%).

Migros Industrie: rising demand for own products
The Migros Industrie companies increased their sales to 6.1 billion CHF (+1.9%). Growth was driven primarily by strong demand in the Migros supermarket business and in other food retail formats in Switzerland, such as Denner and migrolino. This development confirms the strategic decision to focus the Migros Industrie companies on food retail formats.

Migros Bank: the second-best result in its history
Migros Bank once again delivered a strong market performance in 2024, exceeding the 50 billion mark in customer loans for the first time (50.6 billion CHF / +1.3%). It also succeeded in increasing its customer base to around 1.2 million customers (+5.4 %). This was driven by the success of the card business with the growing Cumulus credit card portfolio and the launch of free everyday banking for accounts, debit cards and credit cards. On balance, Migros Bank achieved an annual profit of 282 million CHF – the second-best result in its history.

Health: an important contribution to basic care in Switzerland
Healthcare services recorded strong growth. Migros sees this area as a long-term future field and wants to contribute to basic care for the Swiss population with its pharmacies, medical and dental centres, and digital platforms. With sales totalling 1.6 billion CHF (previous year: 1.3 billion), Migros consolidated its position as a leading provider of integrated care. The most important driver of sales growth was the Medbase Group with strong growth of 26.1%. This resulted in healthy organic growth of 2.7%. On the other hand, the sale and closure of the subsidiaries Misenso and Bestsmile resulted in a loss of sales.

Social commitment: major support for the entire country
A total of 138 million CHF was channelled into the Migros Culture Percentage, the Migros Pioneer Fund and the Migros Aid Fund. As part of its social commitment, Migros will continue to promote cohesion among the population in the future.

Migros – the largest employer and largest trainer in Switzerland
In 2024, the Migros Group employed an average of 98,776 employees in around 140 companies, making it the largest private employer in Switzerland. The number of employees fell by 0.4% compared with the previous year due to the ongoing transformation and the sales of companies that have already been realised. Migros is also the largest training organisation in Switzerland, employing 3,559 apprentices in over 55 professions. Labour remains in demand: around 1,000 jobs are currently vacant.

MERCI for 100 years of Migros – outlook for 2025
Migros is celebrating its 100th anniversary. In its anniversary year, it will rename itself MERCI to thank the people of Switzerland for their loyalty. Highlights include the Switzerland-wide “Merci tour” with DAS ZELT, birthday parties in all Migros stores, the revival of the Migros sales bus and an employee party in autumn.

Migros expects another solid operating result in 2025. The Migros Group’s sales will be around 3 billion CHF lower due to the divestments. Lower sales are also expected in the supermarket business due to the low price offensive for the benefit of customers. In 2025, the proceeds from the divested companies will lead to a positive one-off effect. Migros will continue to consistently strengthen its position in the food, non-food, financial services and health sectors in 2025.

Documentation on the annual results media conference