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Morrisons EBITDA hits £970m

A further 190 McColl’s stores were converted in Q4, plus an additional 131 in Q1 this year, taking the total now trading as Morrisons Daily to over 800

Morrisons has revealed that its EBITDA increased 6.5% to £970m, for the year ended 29 October 2023.

Alongside this, the supermarket’s full-year total revenue excluding fuel was £14.9bn, an increase of 2.7% compared with last year.

The company posted a total revenue excluding fuel of £3.6bn, up 3.2% and like-for-like sales excluding fuel up 3.3%, in Q4, a sixth consecutive quarter of improvement.

A further 190 McColl’s stores were converted in Q4, plus an additional 131 in Q1 this year, taking the total now trading as Morrisons Daily to over 800.

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Like for like uplifts on this conversion was around 20% with growth continuing into the second year.

Rami Baitiéh, chief executive, 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.”

He added: “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.”

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