Morrisons profits jump despite cost rises

From BBC - March 14, 2018

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 underlying profits of 374m in the year to 4 February, up from 337m in 2016.

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.

The retailer also said it was "confident that a broader, stronger" Morrisons would continue to grow.

It announced a special dividend of 4p per share, taking the total full-year dividend to 10.09p per share, a rise of 85.8%.


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