Morrisons has credited its return to profits due to its “significant focus” on improved availability and value.
The grocer reported pre-tax profits of £2.1bn in the 52 weeks to October 27 2024, compared to a pre-tax loss of £919m in the 2022/23 financial year, according to filings from Companies House.
The supermarket chain, owned by US private equity investor Clayton, Dubilier & Rice (CD&R), said the turnaround in profits was driven by improvements in its retail offering and “sharper prices, increased availability and an improved range”.
Focusing on price, Morrisons increased its discounter price match to over 500 products during the period. It also scaled up its More Card Prices to cover more than 2,500 products and introduced the loyalty scheme into its convenience stores and online Amazon channels for the first time.
While More Card sales jumped 12% over the year, total sales during the period dipped to £17bn – down from £18.3bn the previous year – which Morrisons attributed to the sale of its petrol forecourts business.
C-store sales jumped 8.9% like for like with a 29% boost in franchise and wholesale.
Morrisons said it had also come to the end of its McColl’s conversion programme during the period; with all the stores it acquired now trading as Morrisons Daily.
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