Morrisons grows sales and profits
This meant that like-for-like sales increased by 1.4% in the first half of the financial year although total turnover edged down 0.4% to £8.03 billion due to a planned programme of disposals and underperforming store closures.
Meanwhile, underlying pre-tax profit before restructuring costs climbed by 11% to £157 million in the six month period.
The company said it is making good progress with its turnaround plan as it looks to build a broader, stronger business. It now expects to exceed its £1 billion three-year cost savings target by the end of 2016/17. It has also identified further productivity opportunities beyond 2016/17 in areas such as product ordering, distribution and in-store administration.
David Potts, Morrisons chief executive, said: "We are pleased with positive like-for-like sales and 11% underlying profit growth in the first half. Our priorities are unchanged. We have made improvements to the shopping trip for customers and we plan to do more.
"I would like to thank the entire Morrisons team of food makers and shopkeepers who are working very hard to Fix, Rebuild and Grow Morrisons. This turnaround opportunity is in our own hands and I am confident we will succeed."
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