Wednesday, 14 March 2018

Morrisons UK's fourth-biggest supermarket profits jump despite cost rises

Morrisons, the UK's fourth-biggest supermarket, said annual profits jumped 11% as its turnaround programme continues.

The chain made underlying pre-tax profits of £374m in the year to 4 February, £37m higher than in 2016.

Like-for-like sales, which strip out stores open for less than a year, were 2.8% higher excluding fuel.

The retailer said performance was strong despite the "challenges" of higher import costs.

Revenues rose £1bn to £17.3bn and chairman Andrew Higginson said Morrisons was now entering its third consecutive year of growth.
Shares fell almost 1% to 224.4p, valuing the company at almost £5.3bn - slightly more than rival Sainsbury.

It announced a special dividend of 4p per share, which the firm said reflected its good progress and expectations for continued growth.

One of the chain's priorities is to become more competitive. At Christmas, it said a basket of key items was the same price as the same time last year despite higher costs.

BBC      News.