Supermarket chain Morrisons has posted preliminary results for the year ended 29 January 2017, which shows a year of strengthening performance.
The firm saw annual like-for-like sales (ex-fuel/ex-VAT) rise by 1.7%, and positive figures were recorded in all four quarters, with Q4 seeing a 2.5% uplift.
Turnover was up by 1.2% to £16.3bn (2015/16: £16.1bn), despite store closures.
During the year, Morrisons achieved £18m of incremental profit from wholesale, services, interest and online, and remains confident of its £50m-£100m medium-term target.
New partnerships made with Amazon, Ocado, Timpson, Rontec, and the revival of the Safeway brand, are all capital light growth opportunities.
The company said that a further forty Morrisons Daily forecourt convenience stores are planned with Rontec.
Morrisons stated it is confident it can continue to turnaround and grow Morrisons. There are some uncertainties ahead, especially around the impact on imported food prices if sterling stays at lower levels.
David Potts, Chief Executive, (pictured) 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.”
Andrew Higginson, 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.'
