THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2024
Omnichannel Futures 2024
Retail HR Central 2024
The Future of The High Street 2024
Retail HR Summit
THE Retail Conference
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
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…. View Article

FOOD AND DRINK NEWS UK

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.

Subscribe For Retail News