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EconomySupermarkets

Morrisons reports third consecutive year of profit growth

Supermarket giant Morrisons has revealed profit growth of 16.9% to £380m, in a third consecutive year of positive financial growth.

The group’s like-for-like sales also rose to 2.8% in 2018, compared with 1.9% the previous year, and revenue increased by 5.8% to £17.3bn. In the trading update the group said it is confident a broader, stronger Morrisons will continue to grow.

Chairman Andrew Higginson said: “Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team. We will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well placed to keep delivering.”

David Potts, CEO, added: “We had a strong year, becoming more competitive and increasingly differentiating Morrisons for all stakeholders. We are pleased to be paying shareholders a special dividend of 4p a share, which reflects our good performance so far and confidence for the future.

“All parts of our progress so far have one common link: our colleagues. Listening to customers, responding, and improving the shopping trip are as important now as when we started this turnaround three years ago.”

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