Morrisons profits jump despite cost rises

Latest news

    Morrisons storeImage copyright Reuters

    The UK’s fourth-biggest supermarket chain Morrisons has announced an 11% jump in full-year profits as it continues its turnaround programme.

    The chain said it made underlying profits of £374m in the year to 4 February, up from £337m in 2016.

    Like-for-like sales excluding fuel, which strip out stores open for less than a year, were up 2.8%.

    The company said performance was “strong” despite the “challenges” of higher import costs..

    Revenues rose by 5.8% to £17.3bn, up from £16.3bn.

    Chairman Andrew Higginson said Morrisons was now entering its third consecutive year of growth.

    The retailer also said it was “confident that a broader, stronger” Morrisons would continue to grow.

    Announcing a special dividend of 4p per share, it said it was “growing sales and profit” and expected growth to continue to be “meaningful and sustainable in the future”.

    “The special dividend reflects our good progress so far and our expectations for continued growth,” it added.

    Last month, Morrisons announced it would cut 1,500 middle management jobs.

    View the original article: http://www.bbc.co.uk/news/business-43397497

    http://www.bbc.co.uk/news/business-43397497

    In the same category are

    Newspaper headlines: ‘Give me £20bn or I’ll bring May down’ By BBC News Staff Image caption Defence Secretary Gavin Williamson has threatened to "break" Theresa May's government if his department does not...
    East Coast train line back under public control Image copyright PA Image caption The route will now be known as the London North Eastern Railway (LNER), a name last used in the 1940s Rail servic...
    England 36-18 New Zealand England were playing in the USA for the first time since 2000International Test match, Denver, USAEngland (10) 36Tries: Hall, Whitehead 2, Connor, Ma...
    French jogger detained after crossing US-Canada border Image copyright AFP/Family handout Image caption Ms Roman said she did not see any signs on the beach and dirt path she jogged along A young Frenc...
    World Cup 2018: Serbia chief accuses Fifa of ‘brutal robbery’ after Swiss defeat World Cup 2018: Serbia 1-2 Switzerland highlightsThe head of the Serbian Football Association has accused governing body Fifa of showing bias against...
    Argentina 15-44 Scotland: George Horne grabs brace as Scots end tour on high Blair Kinghorn scored his third try in five Tests for ScotlandSummer tour: Argentina v ScotlandArgentina (3) 15Tries: Lezana, Gonzalez Iglesias Con: ...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.