Klarna Banner
Subscribe to our e-newsletter
Follow us on Twitter
Privacy and cookies
Established 1996
Wednesday 20 March 2019

LATEST NEWS 

BigCommerce Banner

Morrison’s bags third year of sales and profits growth

Written by Hannah McGrath
13/02/2019

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.”


Relex Solutions

Related Articles

Klarna

Why the High Street needs a digital upgrade
Fluent Commerce’s EMEA managing director Rob Shaw sat down with Retail Systems editor Peter Walker to discuss omnichannel opportunities, the best way to tackle technology and how the company is expanding into the UK and Europe.

Retail Payments
Verifone’s Nathan Gill talks to Michelle Stevens about evolving consumer payment behaviours and the importance of the point of sale experience
Most read stories...
World Markets (15 minute+ time delay)