Morrisons grows full year sales and profit
The Morrisons supermarket chain has grown both its full year sales and profit as it continues to make progress with its turnaround programme.
In the 53 weeks to 4 February, revenue increased by 5.8% to £17.3 billion while underlying pre-tax profit was up 11% at £374 million.
Meanwhile, group like-for-like sales saw an uplift of 2.8% when fuel was excluded.
The supermarket said the strong performance was achieved despite a number of challenges, particularly the impact of higher imported cost of goods inflation. It also made good progress with its continuing turnaround strategy which included actions to improve the customer shopping trip, become more competitive and serve customers better.
David Potts, Morrisons chief executive, said: “We had a strong year, becoming more competitive and increasingly differentiating Morrisons for all stakeholders. We are pleased to be paying shareholders a special dividend of 4p a share, which reflects our good performance so far and confidence for the future.
“All parts of our progress so far have one common link: our colleagues. Listening to customers, responding, and improving the shopping trip are as important now as when we started this turnaround three years ago.”
During the year, Morrisons started a rolling programme to supply the McColl’s convenience chain nationwide with both branded products and its own revived Safeway brand. It has also announced that it will be supplying SandpiperCI in the Channel Islands as it looks to demonstrate its capabilities as a wholesaler. The supermarket said it is now on track for its target for annualised wholesale supply sales to partners to exceed £700 million by the end of 2018.
Andrew Higginson, Morrisons chairman, said: “We will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well placed to keep delivering.”
