Morrisons hails ‘best year yet’
Morrisons says “innovative” promotions and its revamped value food range helped boost performance as the supermarket posts a rise in full-year sales and profit.
The chain reported an 8% rise in profit to £947m, up from £874m in the year to 29 January. Total turnover increased 7% to £17.7bn while store sales grew by 3.9% to £13.4bn.
Like-for-like sales increased by 1.8% and sales from stores opened during the year contributed 2.1% of total growth.
Morrisons also claims that a record 11.4m customers visit its stores each week.
Dalton Philips, Morrisons CEO, claims 2011 was the supermarket’s “best year yet” adding that the relaunch of its M Savers value range and promotions helped cash strapped shoppers manage their budgets.
During the year, Morrisons has taken steps into ecommerce through the acquisition of online baby care retailer Kiddicare and US fresh food business FreshDirect. It has also opened three trial convenience stores under the M Local brand.
Philips hinted at further plans to develop Morrisons’ fledgling convenience, online and multichannel businesses this year. Morrisons.com is expected to launch later this year as is a trial of non-food e-commerce operations.
He says: “We know that 2012 will be tough, and we will be working hard to deliver even better value for our customers. We have ambitious plans for the long term development of the business, through new supermarkets, convenience stores and the development of our multi-channel capabilities. I am confident that Morrisons will make further progress this year.”
Morrisons chairman Sir Ian Gibson adds that the supermarket’s “good progress” in 2011 “demonstrates that Morrisons unique offer is in tune with the needs of consumers in these uncertain times”.
