Morrisons sales and profits rise

Supermarket operator Wm Morrison has reported turnover up 7% to £16.5bn in the year to 30th January (2009/10: £15.4bn).

Profit before tax was £874m, up from £858m in the prior year. Total dividend is increased by 17% to 9.6p.Like-for-like sales (ex fuel, ex VAT) were up 0.9% (2009/10: 6%).Underlying profits before tax were up 13% to £869m (2009/10: £767m).Profit before tax was £874m (2009/10: £858m including £91m exceptional credit).

1bn equity return is to take place over two years and the group has made a commitment to double-digit dividend growth over the next three years.

Dalton Philips, CEO, said: "2010 was a year of solid performance in the business, whilst we reshaped the top team and began a series of initiatives and investments to drive the business forward. Our plan to make Morrisons "Different and Better than Ever" has great momentum, with store trials under way that are yielding exciting results, our first convenience store sites secured and important e-commerce investments in FreshDirect and kiddicare.com announced."

Source : The Retail Bulletin