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Wm Morrison on target to deliver profit expectations
Turnover and profit up for the company during trading for the 26 weeks ended 1 August 2010.
Turnover was up 9.1% to £8.1bn (09/10: £7.5bn) with like-for-like sales (ex VAT and fuel) up 0.9% (09/10: 7.8%). Underlying profit before tax up 14% to £410m (09/10: £359m) and profit before tax was £412m (09/10: £449m after exceptional credit of £91m).Average weekly customer numbers were up 800,000.
In 2009/10 the Group opened 43 new stores, including 34 acquired from the Co-Operative Group and converted to Morrisons after complete refurbishment. It said that its first convenience store trials are to take place in 2011.
Morrisons said that it expects low market growth to continue in the second half of the year, with further pressure on the consumer. Because of continuing to gain new customers and exercising strong control of costs, the Board has confidence that they will deliver their profit expectations for the year.
Sir Ian Gibson, Non-Executive Chairman,said, "Our first half performance has been solid, in a tight market. At a time when value is a priority for everyone we have continued our run of market beating sales growth, attracting more customers to Morrisons than ever before, reflecting our broad appeal. Our new CEO, Dalton Philips, has made a great start in the business and with the leadership team is developing positive plans for the next phase of growth for Morrisons."
Tagged as: morrisons
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