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Morrisons sales rise but profits battered by relief repayment
Morrisons has recorded an uptick in like-for-like sales during the year where the grocer’s “resilience has been severely tested”.
Group like-for-like sales were up 8.6% excluding fuel and VAT, while total revenues inched up 0.4% to £17.6bn in the 52 weeks to January 31.
These results were boosted by online, where sales tripled during the year, as online capacity increased fivefold.
However, Morrisons posted a 51% decline in profits before tax and exceptionals of £201m, including £290m in “direct Covid-19 costs to help feed the nation through the crisis”.
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