Morrison’s bags third year of sales and profits growth
Written by Hannah McGrath
Like for like sales at Morrisons have jumped 4.8 per cent, according to the group’s preliminary results, marking a third successive year of profit and sales growth for the groceries retailer.
Announcing an 8.6 per cent growth in underlying full-year profits in the 52 weeks to February 3, David Potts, Morrison’s chief executive, said the results showed the group’s turnaround plan was “well on track”.
The preliminary profits showed pre-tax profits of £406 million, a rise of 8.6 per cent, while £86 million of exceptional costs dragged this figure down to £320 million.
Operating profits before exceptional costs were £465 million, up 4.5 per cent on a year-on-year basis.
Total revenue for the year to February 3 was up 2.7 per cent to £17.7 billion, with overall like-for-like sales up 3.8 per cent. This was partly due to a 3.2 per cent rise in wholesales figures driven by partnerships with Amazon and McColl’s.
David Potts, Chief Executive, said:“ A third consecutive year of strong sales and profit growth, and a total annual dividend up over 150 percent during those three years, show the Morrisons turnaround is well on track.
Andrew Higginson, Chairman, said: “In a challenging period for customers and an ever-changing British retail scene, the turnaround at Morrisons has continued to progress well.”