Morrisons confirmed its position as the current recession winner, posting a soaring seven per cent profit increase today.
The UK’s fourth-largest supermarket strengthened its grip on the market, recording the rise in annual pre-tax profits to £655 million.
Despite “extremely challenging” conditions, like-for-like sales excluding petrol were up 7.9 per cent on last year, compared to a 4.6 per cent rise in 2008. Its budget food range has seen strong growth, with sales of its Value range up 50 per cent over the year.
Morrisons said that its share of the UK grocery market had risen to 12.3 per cent from 12.1 per cent in the past year, according to TNS data.
The company's chief executive Marc Bolland said he had identified more than 100 possible areas for stores across the UK - excluding the 38 stores Morrison is buying from Co-op-Somerfield. The supermarket will focus on opening smaller stores in the 11,000 square foot to 20,000 sq ft range rather than focussing on online business as its rivals have done.
Chairman Sir Ian Gibson said: “This was another year of good progress for Morrisons as we continued to grow sales, profits and dividends, while also investing to generate future growth”.
Morrisons reported that an estimated 550,000 more customers a week visited stores across the UK compared to 2007, when it launched its three-year strategy to become the UK's 'food specialist for everyone'.
Overall turnover was up by 12 per cent to £14.5 billion, excluding petrol and finances involved in opening nine new stores and the expansion of others.
The news comes after the supermarket reported an ‘excellent’ Christmas in January with like-for-like sales, excluding fuel, up 8.2 per cent in the six weeks to January 4.
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