Morrisons reports rise in profits

Big four Supermarket Morrisons has reported a 16.9 per cent rise in pre-tax profits to £380m for the year to February 4.

A Morrisons store in Yorkshire. Pic: Jonathan Gawthorpe.

The Bradford-based supermarket said on an underlying and comparative 52-week basis, pre-tax profits lifted 9.5 per cent to £374m.

It saw like-for-like sales, excluding fuel and VAT, rise 2.8 per cent over the year.

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

David Potts, chief executive of Morrisons, said: “We had a strong year, becoming more competitive and increasingly differentiating Morrisons for all stakeholders.”

He added: “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.”