Morrisons reports pre-tax profits of £858m
With plenty of retail jobs offered, the arrival of more than 40 new stores and record profits, 2009 was a good year for Morrisons.
Morrisons has experienced a strong 12 months, according to the company’s latest financial results.
The grocery giant reported that pre-tax profits for the year to the end of January 2010 totalled £858 million.
Chairman of the supermarket Sir Ian Gibson said that sales and profits grew to record levels over the course of the year, while there was a six per cent increase in turnover and a six per cent hike in like-for-like sales, excluding fuel and VAT.
Various reasons have been suggested for this successful story, but the store opening strategy - which helped created thousands of retail jobs in the UK - played a major role.
Sir Ian suggested that the arrival of 43 new stores during the 12-month period “accelerated our journey from national to nationwide”.
Later this month, former Chief Operating Officer of Canadian retailer Loblaw Dalton Philips will start his role Chief Executive of Morrisons. Following today’s (March 11th) results, it would appear that he has a lot to live up to.
Written by Ben Sillitoe
