Morrisons, the UK’s fourth-largest grocer, has seen its annual profits almost double in a year in which the company gained ground on its rivals.
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The retailer saw pre-tax profits reach GBP612m (US$1.2bn), up from GBP369m a year earlier. During the 12 months to 3 February, turnover rose 6% to GBP13bn.
Like-for-like sales, excluding fuel, rose 4.6%, Morrisons said.
Sir Ken Morrison, who is to retire after 55 years with the company, said it gave him “particular pleasure” to announce the “record” results.
Chief executive Marc Bolland added: “This has been a strong year for Morrisons, with growing customer numbers. We have always delivered good availability and service. Now we are also recognised for our great fresh foods.”
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By GlobalDataBolland joined Morrisons in 2006 and instigated a revamp of the business.
New-look stores, a focus on provenance and ad campaigns including 1960s singer Lulu has driven rising sales at Morrisons, which has outpaced its larger rivals.
