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Morrisons posts surge in sales

The Morrisons supermarket chain has reported a surge in sales in the first half of its financial year with revenue increasing by 4.5% to £8.80 billion.

FOOD & DRINK

Morrisons posts surge in sales

The Morrisons supermarket chain has reported a surge in sales in the first half of its financial year with revenue increasing by 4.5% to £8.80 billion.

In the six months to 5 August, group like-for-like sales climbed by 4.9% after second quarter like-for-likes grew by 6.3% in a nine-year high.

Underlying pre-tax profit rose by 9% to £193 million. However, reported pre-tax profit was down 29% to £142 million after taking into account net adjustments of £51 million, including £33 million for successful bond tender offers and £28 million following a change in methodology for estimating stock provisions.

David Potts, Morrisons chief executive, said: "Strong growth, including our best quarterly like-for-like sales for nearly a decade, together with another special dividend for our shareholders, shows how new Morrisons can keep improving for all stakeholders.

"Morrisons continues to become broader, stronger and a more popular and accessible brand, and I am confident that our exceptional team of food makers and shopkeepers can keep driving the turnaround at pace."

The supermarket said its new wholesale supply partnership with the McColl's convenience chain had progressed more quickly than initially expected. As a result, Morrisons now expects to achieve its target of £700 million of total annualised wholesale supply sales ahead of its initial guidance for the full year.

During the period it also extended its online shopping service to more parts of the south of England and into Scotland for the first time. This means the service can now be accessed by over 75% of UK households.

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