Morrisons earnings soar regardless of price rises

Morrisons storePicture copyright

The UK’s fourth-biggest grocery store chain Morrisons has introduced an 11% soar in full-year earnings because it continues its turnaround programme.

The chain mentioned it made underlying earnings of £374m within the 12 months to four February, up from £337m in 2016.

Like-for-like gross sales excluding gas, which strip out shops open for lower than a 12 months, have been up 2.eight%.

The corporate mentioned efficiency was “sturdy” regardless of the “challenges” of upper import prices..

Revenues rose by 5.eight% to £17.3bn, up from £16.3bn.

Chairman Andrew Higginson mentioned Morrisons was now coming into its third consecutive 12 months of progress.

The retailer additionally mentioned it was “assured broader, stronger” Morrisons would proceed to develop.

Saying a particular dividend of 4p per share, it mentioned it was “rising gross sales and revenue” and anticipated progress to proceed to be “significant and sustainable sooner or later”.

“The particular dividend displays our good progress up to now and our expectations for continued progress,” it added.

Final month, Morrisons introduced it will reduce 1,500 center administration jobs.

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