Supermarket chain Morrisons has reported like-for-like sales growth of 7.9% for the year ended 1 February 2009.
The figure, which excludes fuel sales, compares with 4.6% growth in the year 2007-2008. Turnover was up 12% to £14.5bn, from £13.0bn last year.
Profit before tax was £655m, up from £612m.
Morrisons said it was attracting 550,000 more customers a week, reflecting its broadening appeal. Its programme to freshen up the stores and brand had now been
completed.
Nine new stores were opened during the year, as well as 90,000sq ft of sales extensions. The group also said that, because of its acquisition of several Co-op and Somerfield stores, it was on course to exceed by 500,000sq ft its target of adding 1m sq ft of new store space by January 2010.
The company said in a statement: “The Board views both the short- and the long-term outlook for Morrisons positively. The business is well on track to achieve its goal of being the Food Specialist for Everyone, and the executive team continues to see opportunities to invest in the business to generate further growth.
“We expect to open around 350,000sq sq ft of new retail space in the coming year, on top of approximately 500,000sq ft that we have agreed to acquire from the Co-operative Group, reflecting our confidence in the attractions of Morrisons core grocery business.
“In the current economic environment we expect the competitive landscape to be extremely challenging. However, the group’s balance sheet is strong, and our financing arrangements are prudent. We will remain focused on delivering freshness and value to our customers.”
Chief executive Marc Bolland said: “Our focus on fresh food and value appeals to shoppers everywhere and provides a strong platform to take Morrisons from national to nationwide.”
