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Morrisons full-year profit rise bolstered by ‘strongest’ quarter since 2021

Morrisons full-year profit rise bolstered by ‘strongest’ quarter since 2021

Morrisons boss Rami Baitiéh said it’s been a year “urgent reinvigoration” as the supermarket reported its strongest quarter since the start of 2021.

The chief executive noted that the grocer had made “positive progressive” against its turnaround strategy as it grew market share and made switching gains from its competitors.

The supermarket reported a 4.1% rise in group like-for-like sales to £15.3bn in the year to 27 October, as fourth quarter sales climbed 4.9% to £3.8bn.

Underlying EBITDA jumped 11.2% to £835m during the period, up from £751m, driven by £312m worth of cuts delivered through its cost saving programme.

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The supermarket also delivered a further £150m of progress on its working capital programme.

Funds from this programme are partially allocated to pay off the grocer’s debts, which are now down 40% from their peak.

Morrisons chief executive Rami Baitiéh said: “This has been a year of urgent reinvigoration and positive progress for Morrisons.

“The improvements across the business have resulted in better availability in our stores, sharper prices, more effective promotions and a strong and growing loyalty scheme.

“This operational progress is now starting to be reflected in our financial performance […] we ended the year particularly strongly with Q4 like-for-like sales up 4.9% – the strongest like-for-like quarter for almost four years.

“The More Card is firmly established as a customer favourite after a stunning year with linked sales growing from 47% just 18 months ago to 76% today.

“We have introduced a rolling programme of around 2,500 deeply discounted More Card prices and points are now awarded on every product. In the two-week Christmas period around 3.5 million Morrisons Fivers were redeemed by customers.”

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