Morrisons delivers record profits
Thu 11 Mar 2010
Written by Ben Sillitoe
Supermarket giant Morrisons achieved pre-tax profits of £858 million in the 12 months to January 31st 2010.
Announcing the financial results for the year today (March 11th), Non-Executive Chairman of the grocer Sir Ian Gibson said that sales and profits grew to record levels during the period.
Other financial highlights included a six per cent hike in turnover to £15.4 billion and a six per cent increase in like-for-like sales, excluding fuel and VAT.
Weekly average customer numbers at Morrisons were up by seven per cent, while the last 12 months also saw a new regional distribution centre open in the south-east and 43 new stores arrive throughout the UK.
Thousands of retail jobs were created by the company, with 10,000 roles of all types made available throughout the course of the year.
Sir Ian remarked: “The opening of 43 new stores in the year accelerated our journey from national to nationwide.”
Dalton Philips is set to start his role as the supermarket’s new Chief Executive later this month following his time as Chief Operating Officer at Canadian grocer Loblaw. He will join a company in rude health and in a strong market position.
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