Budget shoppers flock to Morrisons
Thursday 12th March 2009, 1:08PM GMT.
Supermarket chain Morrisons has announced a seven per cent rise in full-year earnings after getting “in tune” with the budget shopper’s mindset.
Morrisons unveiled annual pre-tax profits of £655 million on Thursday, while like-for-like sales excluding petrol rose 7.9 per cent compared to last year.
The chain, which operates 375 stores across the UK, attributed the success to the appeal of its cheaper food ranges.
“This was another year of good progress for Morrisons as we continued to grow sales, profits and dividends, whilst also investing to generate future growth,” said chairman Sir Ian Gibson.
“These are challenging times for the UK economy, but whilst we are not complacent, we are confident that Morrisons’ offer meets and is in tune with the demands of our customers and the economic background.”
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