Morrisons Retail Drum News

Morrisons reveals that online platform development is 'on schedule' as it reports pre-tax profits of £947m for 2011


By Stephen Lepitak | -

March 8, 2012 | 2 min read

Morrisons has said that its strategy of delivering a new online platform as it aims to develop a multi-channel offering this year is on track as it reports pre-tax profits of £947m, and a growth in like-for-like sales of 1.8%.

The supermarket chain released its preliminary financial results for the year ending 29 January, claiming record customer numbers, growing by 0.4m a week, having opened 34 new supermarkets last year.

Underlying profits ahead of tax also grew by 8% to £935m.

The company has also said that its plans to launch its online sales platform are also ‘on schedule’ for late 2012.

Sir Ian Gibson, Chairman of Morrisons, said: “This was another good year for Morrisons, despite a tough economic backdrop. Record numbers of customers visited our stores and we delivered an 8% increase in underlying earnings and an 11% increase in the dividend, whilst also investing for the long term health of the business”.

Dalton Philips, CEO, added: “This has been Morrisons best year yet with another good financial performance and growth ahead of the market. Customers were having a tough time but we responded with a new M savers brand for budget conscious shoppers, promotions that customers understood, and industry leading service. We know that 2012 will be tough, and we will be working hard to deliver even better value for our customers. At the same time, we have ambitious plans for the long term development of the business, through new supermarkets, convenience stores and the development of our multi-channel capabilities. I am confident that Morrisons will make further progress this year.”

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