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Morrisons sees profits rise by 8%

Pre-tax profits at Morrisons rose 8% to £947 million in the year to 29 January as a record number of price conscious shoppers visited its stores. Revenue climbed 7% to £17.7 billion while like-for-like sales, excluding fuel and VAT, rose 1.8%.

CITY & CORPORATE

Morrisons sees profits rise by 8%

Pre-tax profits at Morrisons rose 8% to £947 million in the year to 29 January as a record number of price conscious shoppers visited its stores. Revenue climbed 7% to £17.7 billion while like-for-like sales, excluding fuel and VAT, rose 1.8%.

The figures exceeded analysts’ expectations of profits of around £922 million.

Morrisons, which operates 455 UK stores, said it would roll out more small format stores in 2012 after the successful trial of its first three M local convenience stores. It also plans to extend its multi-channel offer through the launch of Morrisons.com later this year.

The number of customers visiting Morrisons stores rose by  0.4 million per week, and the retailer opened 34 new supermarkets in the year.

Dalton Philips, Morrisons chief executive, said it had been "Morrisons best year yet", with a good financial performance and growth ahead of market. However he expects 2012 to be "challenging".

Philips said in a statement: "We know that 2012 will be tough, and we will be working hard to deliver even better value for our customers. At the same time, we have ambitious plans for the long term development of the business, through new supermarkets, convenience stores and the development of our multi-channel capabilities. I am confident that Morrisons will make further progress this year." 

 

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