Morrisons reports sales and profit growth for first time in five years

Morrisons has reported has reported like-for-like sales and profit growth in its preliminary results for the year ending January 29th 2017.

During this period, the Bradford-based supermarket chain saw like-for-like sales increase by 1.7%, with a particularly strong 2.5% rise in the final quarter.

Underlying profit before tax rose by 11.6% to £337m, whereas reported profit before tax was up 49.8% to £325m (2015/16: £217m).

These strong results mark the first year Morrisons’ like-for-like sales and underlying profit before tax have grown since the 2011/12 financial year.

This announcement also follows the UK’s fourth-largest supermarket chain reporting its strongest sales over the Christmas period in seven years.

Andrew Higginson, Morrisons chairman, said: “Food retail is a simple business, but it is not easy. Only consistent and outstanding execution differentiates. I am delighted that the whole Morrisons team are making a real difference.

“I am confident that strong execution will drive sustained dividend growth and improving returns for Morrisons shareholders.”

David Potts, chief executive, added: “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.”

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