Morrisons chief executive Marc Bolland this morning (10 September) hailed an “excellent” first half of the year after the retailer posted strong sales and earnings growth.
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The UK’s fourth-largest grocer booked a 5% rise in turnover to GBP7.5bn (US$12.39bn), while like-for-like sales, excluding VAT and fuel, climbed 7.8%.
Pre-tax profits jumped 45% to GBP449m but were boosted by a pensions credit of GBP91m and property disposal proceeds that totalled GBP3m. Underlying pre-tax profits rose 22% to GBP359m.
“This has been an excellent first-half performance from Morrisons, continuing our run of market beating sales growth,” Bolland said. “The business is performing well in all parts of the country and we are making good progress on our plans to move from national to nationwide.”
Morrisons’ full results release is here; check back later for more news in the wake of the retailer’s mid-morning press conference.
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