Morrisons turnaround ‘well on track’ as revenue hits £17.7bn

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Credit: James W Copeland

The Chief Executive of Bradford-based Morrisons has hailed the supermarket’s turnaround as turnover for the 52 weeks to 3 February 2019 reached £17.7 billion.

Group like-for-like sales (excluding fuel) rose 4.8% compared with the 2.8% increase seen for the 2017/18 period.

Profit before tax and exceptions was also up, rising 8.6% to £406 million.

“In a challenging period for customers and an ever-changing British retail scene, the turnaround at Morrisons has continued to progress well,” said Chairman Andrew Higginson.

“The team has now completed four years of important work, building a Morrisons as a broader, stronger business.”

Chief Executive David Potts added: “A third consecutive year of strong sales and profit growth, a total annual dividend up over 150% during those three years, shows the Morrisons turnaround is well on track.”