Morrisons posts revenue uplift as CEO vows to ‘reinvigorate, refresh and strengthen’ the supermarket
Morrisons has seen its full year revenue increase by 2.7% to £14.9 billion when fuel was excluded after sales rose by 3.2% in its fourth quarter.
Like-for-like sales in the three-month period edged up 3.3% to mark a sixth consecutive quarter of like-for-like growth.
Meanwhile, the supermarket’s full year EBITDA increased by 6.5% to £970 million.
During the fourth quarter, a further 190 McColl’s stores were converted to take the total now trading as Morrisons Daily shops to over 800. In addition, the supermarket saw further growth in the use of its Morrisons More loyalty card.
Commenting on the results, Morrisons’ recently appointed chief executive Rami Baitiéh said there was still much to do to “reinvigorate, refresh and strengthen” Morrisons.
The supermarket has been owned since 2021 by US private equity firm Clayton, Dubilier & Rice.
Baitiéh said: “Reporting today our sixth consecutive quarter of like-for-like sales improvement is very positive.
“But there is so much more we can do, and together with my colleagues, we are developing plans to reinvigorate, refresh and strengthen Morrisons and to start a new chapter – which begins with our customers.
“Across the business we are listening hard to what our customers are telling us and taking action, and we are just beginning to see our customer satisfaction scores improve. This will be the bedrock of our next chapter.”
Baitiéh took up his role in November last year as the successor to long-standing chief executive David Potts.
Morrisons has also announced that it has struck a £2.5 billion deal in which it will take a 20% stake in Motor Fuel Group and the latter will acquire 337 Morrisons petrol forecourts.