Morrisons posts full year profit uplift
Morrisons has reported that pre-tax profit before exceptional items increased by 3% to £408 million in the year to 2 February.
However, total revenue fell by 1.1% to £17.5 billion while group like-for-like retail sales dropped by 0.8%%
The supermarket said trading in the year was impacted by the prolonged debate over Brexit and the December election which occurred during its peak trading period. In addition, it said the food retail market became even more competitive with much higher levels of promotional activity.
Commenting on recent trading, Morrisons said its like-for-like sales increased by 5% in the first six weeks of its new financial year as fears over the coronavirus meant customers began stocking up.
Andrew Higginson, Morrison chairman, and David Potts, the company’s chief executive, said: “We are currently facing unprecedented challenges and uncertainty dealing with COVID-19. Looking after our colleagues and customers is our priority, ensuring that we have a clean, safe place to shop and work.
“At Morrisons, we have a strong, experienced, and above all, determined team of the best food makers and shopkeepers in Britain. We promise to work as hard as we can for customers, suppliers, and all stakeholders to keep our shops operating as smoothly as possible.“
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