Operating results

The operating result (EBIT) of Migros Group was CHF 1.866 billion, CHF 1.665 billion (+827.7%) more than the previous year's figure.

In the Retail and Industry sector, the result increased by CHF 1.746 billion to CHF 1.633 billion (+1'546.2 %).

In the Financial Services sector, the operating result contracted by CHF 80 million to CHF 234 million (–25.6%).

Operating result of the Retail and Industry sector

Total EBIT Retail and Industry sector CHF 1.633 billion

All figures in detail


Earnings before interest and taxes (EBIT)

In CHF million 2020 2019 Change from previous year
in %
Cooperative Retailing 1 1'522 296 413.9
Commerce 1 127 -571 122.3
Migros-Industry 111 115 -3.7
Travel -117 1 -11'318.7
Others 0 40 -100.0
Eliminations (within Retail and Industry sector) -11 6
Total Retail and Industry sector 1'633 -113 1'546.2

1 Migros Online SA (formerly LeShop SA) is now shown in the strategic business unit Cooperative Retailing, previous year adjusted

Record result on the back of profits from sales

The operating result for the Retail and Industry sector improved sharply in 2020 compared to the previous year. This is due to the consistent implementation of the portfolio adjustment and the profits of CHF 1.251 billion realised from the sale of Globus and the Glatt shopping centre business operation, as well as the sale of properties (segment Cooperative Retailing). In the case of Globus, the profit of around CHF 700 million is mainly attributable to the sale of properties associated with the transaction, and which were previously owned by the Federation of Migros Cooperatives. For this reason, it is reported in the segment Cooperative Retailing. The losses incurred on the dispos­als of Saviva, Labeye and OSG (Oberschwäbische Geflügel GmbH), totalling CHF 49 million, are included in the segment Migros-Industry. The total profits realised from the adjustment of the portfolio amounted to CHF 1.202 billion. The total losses incurred from the sale of the Depot Group and m-way in the previous year stood at CHF 485 million (segment Commerce). In the segment Commerce, the operating loss of Globus impacts negatively on the result up to the point of its sale. The loss sustained by the segment Travel as a result of the coronavirus pandemic is considerable.

Within the individual strategic business units, the trend varies. The online trade and the omni­channel presence (no-line commerce) are growing in importance, while in-store business is on the decline. Disruptive trends and digitalisation are influencing the course of business.

Gross profit fell by CHF 231 million in the reporting year to CHF 10.735 billion (–2.1%). Other operating income grew by CHF 1.125 billion to CHF 1.698 billion (+196.2%), due primarily to the sale of both Globus and the Glatt shopping centre business operation. The decrease in personnel expenses by CHF 160 million to CHF 5.702 billion (+2.7%) is mainly due to the change in the scope of consolidation. Salary increases of between 0.5% and 0.9% were granted. Depreciation and amortisation decreased by CHF 40 million to CHF 1.463 billion (–2.6%). Impairments weighed heavily upon the strategic business units Cooperative Retailing and Migros-Industry in particular. The decrease in other operating expenses by CHF 651 million to CHF 3.636 billion (–15.2%) is due mainly to the smaller loss from the disposal of investments and business operations as well as to reduced rental costs (as a result of portfolio adjustment) and advertising expenditure.

The aforementioned disposals resulted in a total operating profit of CHF 1.633 billion in the Retail and Industry sector, corresponding to an increase of CHF 1.746 billion (+1'546.2 %) compared with the previous year.

Operating result of the Financial Services sector

The Financial Services sector generated income from financial services business totalling CHF 758 million with costs of CHF 193 million. Net income from financial services business contracted from CHF 633 million to CHF 565 million, due in particular to higher impairments (new FINMA provisions governing inherent default risks on non-impaired receivables and the creation of individual value adjustments for Covid-related default on corporate loans) (see Note 7 of Migros Group financial statements).

Whereas income from financial services business decreased by CHF 10 million, expenses and impairment losses in the financial services business increased by CHF 57 million. Other operating income fell by CHF 10 million compared with the previous year.

The expansion of the core activities led to an increase in personnel expenses of CHF 10 million to CHF 199 million, and to a rise in other operating expenses of CHF 2 million to CHF 124 million. At CHF 20 million, depreciation and amortisation was down by CHF 8 million on the level of the previous year.

The operating result therefore decreased by CHF 80 million to CHF 234 million.