Morrisons continues its return to former glories with growth rising steeply in the last financial year, despite increasing pressure from its grocery rivals.
In the 12 months to January 31 its profits were boosted almost 50 per cent, revenues also rose by 1.2 per cent to £16.3 billion, ahead of forecasts.
Like-for-like sales in the same period grew 1.7 per cent, aided by a 2.5 per cent boost in the final quarter as premium products and improved technology helped drive sales.
Underlying profits before tax followed suit, rising 11.6 per cent to £337 million alongside reported profit before tax shooting up by 49.8 per cent to £325 million.
“Our full year 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,” chief executive David Potts said.
“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.”
Since Potts’ appointment in 2015 the retailer has managed to claw its way out of a four-year slump and numerous unsuccessful turnaround strategies and post its first profit growth in five years.
This is partly due to cutting costs by a massive £393 million a year, planning to further improve savings with improves technology.