Mar 14, 2018

Morrisons profits jump despite cost 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.

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