Tags: despite, morrisons, profits, rises
The UK’s fourth-biggest supermarket chain Morrisons has announced an 11% jump in full-year profits as it continues its turnaround programme.
The chain said it made £374m in the year to 4 February, up from £337m in the previous year.
Like-for-like sales excluding fuel, which strip out stores open for less than a year, were up 2.8%.
The company said performance was “strong” despite the “challenges” of higher import costs..
Revenues rose by 5.8% to £17.3bn, up from £16.3bn.
Chairman Andrew Higginson said Morrisons was now entering its third consecutive year of growth.
Last month, Morrisons announced it would cut 1,500 middle management jobs.