Morrisons has hailed “good performance in a competitive market” during the Christmas period, noting strong performances in its premium range and market-beating trading in general merchandise and clothing.
In the six weeks to January 4, 2026, Morrisons reported a 3.4% increase in group like-for-like sales, with a 17.4% increase in performance of its premium The Best range.
The retailer also reported “good” growth in online, and “market-beating performances” in non-food, with a 10% jump in general merchandise sales and a 4.7% increase in Nutmeg clothing sales.
Alongside its Christmas trading figures, the retailer also published results for its full-year trading period, with like-for-like sales over the period up 2.8% and 2.4% growth during the fourth quarter.
Full-year total revenues jumped 3.2% to £15.8bn, with 3% growth in the fourth quarter to £3.9bn.
Full year underlying EBITDA maintained at £835m despite “significant and largely unexpected external cost headwinds”.
The retailer also reported double-digit like-for-like growth in online sales over the year, while Morrisons More Card active users grew 11% to 8 million over the year.
During the period, Morrisons reduced net debt by 46% and banked £233m in full-year cost savings.
Morrisons chief executive Rami Baitiéh said: “2024/25 was another year of renewal and modernisation for Morrisons. In a year when consumers were feeling the squeeze, we grew like-for-like sales for a twelfth consecutive quarter, maintained EBITDA and our market share, and demonstrated our resilience in the face of some tough external headwinds, from the cyber incident, rising inflation and government cost increases, which we worked hard to offset. In Q4 we also made the changes and investments in prices, promotions and loyalty that laid the foundations for more robust momentum in the first quarter of the new financial year.
“We had a good Christmas in 2025, providing a solid foundation for the first quarter. As we enter 2026, the grocery market remains competitive and we are committed to our focus on delivering good value and keeping prices low for customers, announcing a further 2,500 price cuts at the start of January.
“I would like to thank all of our colleagues, farmers and suppliers for everything they do for Morrisons; their commitment and diligence is the foundation for the progress we are making.”
Chief finance officer Jo Goff added: “We worked hard during the year to offset the significant and unexpected cost headwinds arising from the government’s 2024 budget and other inflationary pressures, with our cost reduction programme delivering savings of £233 million, to take the total to date to £845 million. We expect to exceed our £1bn savings target by the end of FY26.
“We also reduced gross debt by 10%, while addressing near-term maturities. Morrisons has built a strong track record of deleveraging, and net debt is now down 46% since 2022. We continue to have a strong balance sheet and a well-invested, overwhelmingly freehold supermarket estate.”
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