Menu
12/03/2009
Morrisons' Sales Fuel Expansion Plans
The UK's fourth largest supermarket chain has reported bumper profits, and its revealed revenue will be plowed back into working capital for the business.
Morrisons boosted annual sales by 13%, smashing previous forecasts for the retailer. The firm has now said £500m will be redirected into funding expansion plans, rather than providing returns for shareholders.
Servicing around 10 million shoppers every week from over 380 stores, the company returned profits of £637m for the year ended February 1 - almost £10m high than expected.
In a statement, Morrisons said it expected the market conditions to get more challenging.
"In the current economic environment we expect the competitive landscape to be extremely challenging," said the firm, who went on to discuss investment plans.
"The board also believes that further investment opportunities may arise in the medium term and has therefore decided that the capital originally earmarked for share buybacks in the 2009/10 financial year should be retained within the business to give Morrisons maximum financial flexibility."
Morrisons, one of Britain's top five food manufacturers, raised its full-year dividend 21% to 5.8 pence a share.
(PR/JM)
Morrisons boosted annual sales by 13%, smashing previous forecasts for the retailer. The firm has now said £500m will be redirected into funding expansion plans, rather than providing returns for shareholders.
Servicing around 10 million shoppers every week from over 380 stores, the company returned profits of £637m for the year ended February 1 - almost £10m high than expected.
In a statement, Morrisons said it expected the market conditions to get more challenging.
"In the current economic environment we expect the competitive landscape to be extremely challenging," said the firm, who went on to discuss investment plans.
"The board also believes that further investment opportunities may arise in the medium term and has therefore decided that the capital originally earmarked for share buybacks in the 2009/10 financial year should be retained within the business to give Morrisons maximum financial flexibility."
Morrisons, one of Britain's top five food manufacturers, raised its full-year dividend 21% to 5.8 pence a share.
(PR/JM)
Related UK National News Stories
Click here for the latest headlines.
07 May 2015
Morrisons Sales Continue To Drop
There has been a further fall in sales reported by supermarket chain Morrisons. Latest figures reveal that in the three months to 3 May, like-for-like sales – excluding fuel – fell by 2.9%. This is a further drop in sales from the previous quarter; there was a 2.6% decline reported for Q1.
Morrisons Sales Continue To Drop
There has been a further fall in sales reported by supermarket chain Morrisons. Latest figures reveal that in the three months to 3 May, like-for-like sales – excluding fuel – fell by 2.9%. This is a further drop in sales from the previous quarter; there was a 2.6% decline reported for Q1.
12 September 2013
Morrisons Post Fall In Half-Year Profits
Morrisons supermarket has recorded a fall in its half-year profits. It cited "challenging" market conditions as a factor. For the half-year to 4 August 2013, pre-tax profits fell to £344m from £440m in the same period the year before. Total turnover or the period remained unchanged at £8.
Morrisons Post Fall In Half-Year Profits
Morrisons supermarket has recorded a fall in its half-year profits. It cited "challenging" market conditions as a factor. For the half-year to 4 August 2013, pre-tax profits fell to £344m from £440m in the same period the year before. Total turnover or the period remained unchanged at £8.
17 June 2014
Morrisons To Axe 2,600 Jobs
Struggling supermarket chain Morrisons has confirmed it plans to cut 2,600 jobs and introduce a "simpler management structure" at its stores as sales and market shares continue to fall. The management structure represents 2% of its workforce. Chief Executive Dalton Philips said: "This is the right time to modernise the way our stores are managed.
Morrisons To Axe 2,600 Jobs
Struggling supermarket chain Morrisons has confirmed it plans to cut 2,600 jobs and introduce a "simpler management structure" at its stores as sales and market shares continue to fall. The management structure represents 2% of its workforce. Chief Executive Dalton Philips said: "This is the right time to modernise the way our stores are managed.
06 January 2009
New Look Sales Bolster Expansion Plans
As high street giants Next and Debenhams reel from poor like-for-like annual sales, discounted fashion chain New Look reported a 2.8% growth in quarterly sales, bolstering further expansion plans. Despite unfavourable market conditions for retailers, New Look is expected to open a number of new stores this year.
New Look Sales Bolster Expansion Plans
As high street giants Next and Debenhams reel from poor like-for-like annual sales, discounted fashion chain New Look reported a 2.8% growth in quarterly sales, bolstering further expansion plans. Despite unfavourable market conditions for retailers, New Look is expected to open a number of new stores this year.
24 April 2008
Morrisons Awarded Damages For False Accusations
Morrisons have won a £100,000 payout in damages after being accused of 'price-fixing'. The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
Morrisons Awarded Damages For False Accusations
Morrisons have won a £100,000 payout in damages after being accused of 'price-fixing'. The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
