Morrisons profits jumped 11 per cent despite rising costs, to notch up a third consecutive year of growth.
The retailer’s margin rose from £337 million at the beginning of 2017 to £374m, following a 2.8 per cent sales increase. The big four member said rising import costs and other “cost headwinds” had provided “challenges”, but they continued their strategy of “Fix, Rebuild, and Grow”.
Chairman, Andrew Higginson said: “Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team.
“We will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well placed to keep delivering.”
David Potts, chief executive, said swhareholders in the company could look forward to a special dividend of 4p per share, citing improved customer relations as the key to their turnaround.
“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,” he said.
The supermarket has used their growth to expand their services, becoming suppliers to McColls convenience stores, as well as opening new stores in the Channel Islands following an agreement with SandpiperCl.
In February it announced the purchase of Yorkshire egg business Chippindale Foods to supply its own stores with non-caged hen eggs.
No comments yet