Morrisons reported a spike in full-year profits for the year to 29 January, as the fourth-biggest supermarket in the UK continues its turnaround.
The growth is the first time in six years that the company's profits have risen, with pre-tax profits jumping 49.8 per cent to £325m. On an underlying basis, Morrisons' profits increased 11.6 per cent to £337m.
Like-for-like sales grew 1.7 per cent at the Bradford-based company, while revenue rose 1.2 per cent to £16.3bn for the year, and there was a strong Christmas too which saw fourth quarter sales rise by 2.5 per cent.
Morrisons stated that costs had been cut by £1bn, in addition to making almost £900m of £1.1bn property disposals, after closing down 28 supermarkets as well as offloading 140 convenience shops.
David Potts took over as CEO of Morrisons in February 2015, and said: "Our full year of like-for-like sales and profit growth was powered by listening to customers, and shows what our hard-working team of food makers and shopkeepers can do.
"But, it's only one year. Our turnaround has just started, and we have more plans and important work ahead. If we keep improving the customer shopping trip, I am confident that Morrisons will continue to grow."
The supermarket has been working hard to regain its position as one of the top supermarkets in the UK, having become embroiled in a bitter price war with discount chains Aldi and Lidl, as well as the rest of the Big Four - Tesco, Sainsburys and Asda - over the last few years.
Morrisons reports strong growth in profits following turnaround
Thu, 09 Mar 2017
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