Morrisons has confirmed that its profit recovery is on track, with the release of its interim results today.
Figures for the 25 weeks ended July 29 show that turnover has edged up 2.8 per cent to £6 billion, with like-for-like sales, excluding fuel, up by 2.7 per cent.
Operating profit before property gains and tax has jumped 57 per cent to £247 million.
The retailer said its optimisation plan was progressing well, with progress made on improving margin and the management of cost base, as well as new branding and products.
The recruitment of the senior management team is now complete.
The period has seen the opening of a new distribution depot serving South West in July, and a smaller concept store in Erskine, with a full fresh food offer.
Morrisons chairman Sir Ken Morrison said: “Our first half results build on the improvement we made last year and I am pleased with the progress we have made in the early stages of the three-year optimisation plan.
“I am delighted to welcome Sir Ian Gibson to the board, and look forward to working closely with him in the coming months to ensure a smooth handover of the chairmanship of the group.”
Morrisons chief executive Marc Bolland added: “Morrisons’ optimisation plan is on track and delivering significantly improved profits through margin gains and management of our cost base. We have made a strong start to our objective of becoming the food specialist for everyone, with a positive customer response to our re-branding and the many developments in store. We will continue to focus on strongly improving operating margins, whilst at the same time shaping Morrisons for future growth.”
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