Morrisons reports profit
Morrisons has reported a £217 million pre-tax profit for the year ending 31st January 2016.
The figures released by the supermarket today show the company returning to annual profit following a loss of £792 million in the previous year.
David Potts, who joined as chief executive of Morrisons last March, said: “By improving the shopping trip for customers, we have started the journey to turn around the business and make our supermarkets strong.
“But the turnaround will take time and will continue to require sustained investment in the proposition.”
Morrisons’ chairman, Andrew Higginson, added: “The team made good progress during the year, with lower debt once again a highlight. We are on track to deliver improved future profits and returns for shareholders.”
The wider results, however, showed that the supermarket chain’s underlying profits before tax fell 29.9% from £345 million to £242 million, a possible reflection of the price war within the sector.
Total turnover also fell 4.1% from £16.8 billion to £16.1 billion.
Morrisons recently announced a deal with internet retailer Amazon to see the supermarket provide a wholesale supply service to Amazon, allowing customers access to a range of fresh and frozen products.