Morrisions, the UK’s fourth largest retailer, said today that it remained in the early stages of its profits recovery, unveiling full year earnings of GBP369m (US$714.6m), up from GBP61.5m the year before.
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The group, which has struggled to adapt to its acquisition of Safeway, described its performance for the year to 4 February as “satisfactory”.
Turnover increased 3% to GBP12.5bn while like-for-like sales rose 5.2%, compared to a 2.4% increase last year.
Releasing its results, the company revealed the next stage of its recovery plan, which it hopes will increase profits to GBP200m by 2010 through a three-year investment of GBP450m.
The supermarket group said it will reposition itself as “the food specialist for everyone”. As part of its new look, Morrisons will replace its old slogan “more reasons to shop at Morrisons” and introduce a new logo.
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By GlobalDataMorrisons is also targeting improved margins and greater efficiencies in its manufacturing and distribution operations as it continues to integrate the stores formerly operated by Safeway.
“Morrisons is a great business, and the results of this review are about evolution not revolution. Reflecting our nationwide presence, and our many new customers, we will be marking Morrisons the food specialist for everyone,” CEO Marc Bolland said.
