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Customer growth drives record performance for Morrisons

Value prices continue to attract customers and drive market share growth in the year ahead.

CITY & CORPORATE

Customer growth drives record performance for Morrisons

Turnover was up 6% to £15.4bn in the year to end-January, with profit before tax at £858m compared to £655m the previous year. Total dividend for the year rose 41% to 8.2p. Like-for-like sales (ex fuel, ex VAT) were up 6%. Underlying profits were up 21% to £767m (2008/09: £636m).

Sir Ian Gibson, Non-Executive Chairman, said: 'Morrisons had another good year. Once again our focus on fresh food and great value appealed to shoppers everywhere, and we have successfully grown sales and profits to record levels. We completed delivery of the Optimisation Plan first launched four years ago, and we are well on the way to cementing our position as the Food Specialist for Everyone. The opening of 43 new stores in the year accelerated our journey from National to Nationwide.

'We expect the economic environment to remain challenging, disposable incomes to be under pressure and value to remain a high priority for consumers. The Board believes that Morrisons unique offer of high quality, fresh food at great value prices will continue to attract customers from our competitors and drive market share growth in the year ahead. For the longer term, we will continue to utilise our balance sheet strength to invest for growth, with new space, new manufacturing capability and new systems priorities in the year ahead.'

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