Supermarket giant Morrisons has reported a jump in profits as it delivered its sixth consecutive quarter of like-for-like improvement.
For the 52 weeks ending October 29, 2023, Morrisons reported full-year EBITDA up 6.5% to £970m, with fourth-quarter profits up 8.5% to £306m.
Full-year total revenue excluding fuel was up 2.7% to £14.9bn, with full-year excluding-fuel like-for-like sales up 1.8%. Fourth-quarter sales excluding fuel were up 3.3% – the retailer’s sixth consecutive quarter of growth.
Retail sales, including supermarkets, online and convenience, contributed 2.9% growth. Online grew 1.6% and convenience grew 9%, while wholesale contributed another 0.4%.
Morrisons reported that it converted a further 190 McColl’s convenience stores in the fourth quarter of the year, taking the total trading as Morrisons Daily to over 800.
The retailer also completed £450m of sale and leaseback transactions in the period, with Morrisons’ estate remaining over 80% freehold.
New chief executive Rami Baitiéh took over from David Potts as chief executive of the business in November 2023.
Baitiéh said: “I have been at Morrisons for only a few months, but it’s already clear that we have an abundance of talented colleagues, well-located shops, high-class food-making operations, and a real point of difference with our Market Street butchers, fishmongers, bakers, cheesemongers and deli counters. We’re competitive online, our convenience and wholesale operations are growing fast and I have seen the affection and goodwill that our customers, supplier partners and farmers have for Morrisons.
“Reporting today our sixth consecutive quarter of like-for-like sales improvement is very positive. But there is so much more we can do and together with my colleagues, we are developing plans to reinvigorate, refresh and strengthen Morrisons and to start a new chapter – which begins with our customers. Across the business, we are listening hard to what our customers are telling us and taking action, and we are just beginning to see our customer satisfaction scores improve. This will be the bedrock of our next chapter.
“I would like to thank our exceptional colleagues for their hard work throughout the year and especially over the critical Christmas period. I’m confident that Morrisons has the people, the talent, the assets and the desire to chart a bright future in UK grocery by giving customers more and more reasons to shop at Morrisons.”
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