Morrisons reports “steady progress” as trading results show sales increase
UK supermarket Morrisons has released its trading update for Q4 and the full year 2022/23, reporting total revenue of £14.9 billion.
The retailer said that the full year total revenue excluding fuel was up 2.7%, with like-for-like (LFL) sales up 1.8%. Its full year earnings before interest, taxes, depreciation and amortisation (EBITDA) was up 6.5% to £970 million, with Q4 up 8.5%.
Total revenue excluding fuel was up 3.2% to £3.6 billion, with LFL sales up 3.3%, which Morrisons described as its “sixth consecutive quarter of LFL improvement”.
Jo Goff, chief financial officer at Morrisons, said: “This has been a year of steady progress as we continued to invest in price, customer service, loyalty and made further improvements in our own brand range and in quality.
“We’ve made good progress on our working capital improvement process with a further £100 million in Q4, taking the total for the year to £300 million, more than half the £500 million multi-year target and ahead of our expectations.”
Rami Baitiéh, Morrisons chief executive, said: “I have been at Morrisons for only a few months, but it’s already clear that we have an abundance of talented colleagues, well located shops, high class food making operations and a real point of difference with our Market Street butchers, fishmongers, bakers, cheesemongers and deli counters.
“We’re competitive online, our convenience and wholesale operations are growing fast and I have seen the affection and goodwill that our customers, supplier partners and farmers have for Morrisons.”
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