Third year of consecutive growth for Morrisons

Morrisons turnaround ‘well on track’ as revenue hits £17.7bn
Credit: James W Copeland

Morrisons, the Bradford-headquartered supermarket giant, has enjoyed its third consecutive year of growth with revenue and profits up.

For the 53 weeks to February 2018, Morrisons reported a 2.8% rise in like-for-like sales (excluding fuel and VAT).

Revenue, meanwhile, was up 5.8% to £17.3 billion – up from £16.3 billion in the prior year period.

The group made underlying profits of £374 million in the year to 4 February, up from £337 million in 2016.

Despite the financial boon seen in these latest results, last month’s saw Morrisons announced it would cut 1,500 middle management jobs.

Chairman Andrew Higginson said: “Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team.

“We will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well placed to keep delivering.”

Chief Exec David Potts added: “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.”