Morrisons announced today an 11 per cent jump in full-year profits as it continues its turnaround programme.
The retailer, which is the UK's fourth biggest supermarket, on Wednesday said that pre-tax profits had risen by 16.9 per cent in the year to 4 February to £380m. Revenue rose 5.8 percent to 17.3 billion pounds.
United Kingdom retailer Morrisons has reported that revenue increased by 5.8% to £17.3 billion past year, with group like-for-like sales up 2.8%.More news: Jay-Z and Beyoncé coming to New Era Field — CONCERT ANNOUNCEMENT
The supermarket operator said that these results represent "meaningful and sustainable" growth, and has announced a special dividend for stakeholders of £0.04 per share, taking the full year total dividend up 85.8%.
Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team.
"Despite maintaining its 10.6% United Kingdom market share, according to Kantar, in order to stave off the impact of discounters perhaps this payout could have instead been used to further improve Morrisons' online offering, as a noticeable lack of internet shopping from Aldi (bulky non-food items only) and Lidl (no online sales) provides a clear and present opportunity to offer customers a service not offered by the plucky challengers", the analyst concluded.More news: Google Is Celebrating Pi Day With This Famous Chef's Pie Recipe
Potts, who worked for Tesco for 39 years, joined Morrisons in 2015 to lead a recovery after it was badly damaged by the rise of discounters Aldi and Lidl in its northern heartland and the strategic errors of previous management.
Morrisons said it was on track to hit its target of 700 million pounds of annualised wholesale sales by the end of 2018, and its medium-term target of 75-125 million pounds of incremental profit from wholesale, services, interest and online.More news: Paul Scholes, Rio Ferdinand Slam United's Shocking UCL Exit