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Morrisons hails strong annual sales and profit growth

The Morrisons supermarket chain has seen its annual pre-tax profit before exceptional items rise by 8.6% to £406 million.

FOOD & DRINK

Morrisons hails strong annual sales and profit growth

The Morrisons supermarket chain has seen its annual pre-tax profit before exceptional items rise by 8.6% to £406 million.

In the 52 weeks to 3 February, total revenue increased by 2.7% to £17.7 billion while group like-for-like sales, excluding fuel, climbed by 4.8%. 

The uplifts marked a third consecutive year of sales and profit growth for the supermarket as it continues to work on its turnaround.

David Potts, Morrisons chief executive, said: "This turnaround is based on improving the shopping trip for customers, making Morrisons more popular and accessible.

"And our customers are noticing. Most pleasing of all was another big increase in customer satisfaction, now up a full 20 percentage points in the last four years, which is all down to the friendliness and expertise of our team of unique food makers and shopkeepers."

Morrisons has also reported that £700 million worth of annualised wholesale supply sales were achieved ahead of target after it accelerated the roll out of its wholesale supply offering to the McColl’s convenience chain. The supermarket now expects to begin to supply the final 300 McColl’s stores towards the end of this year.

Looking ahead, Morrisons said: “We remain confident that Morrisons still has many sales and profit growth opportunities ahead, and expect that growth to be meaningful and sustainable.”

Andrew Higginson, Morrisons chairman, added: “In a challenging period for customers and an ever-changing British retail scene, the turnaround at Morrisons has continued to progress well. The team has now completed four years of important work, building Morrisons as a broader, stronger business.” 

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