UK supermarket Morrisons has published its financial results for the 52 weeks ended 26th October 2025, together with an update on sales over Christmas.
Full year group like-for-like sales were up 2.8%, and Q4 like-for-like sales were up 2.4%, which the retailer said represented 12 consecutive quarters of positive like-for-like sales growth.
Full year revenue was up 3.2% to reach £15.8 billion, and Q4 revenue was up 3% to £3.9 billion.
Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) over the full year maintained at £835 million, which Morrisons said was despite “significant and largely unexpected” external cost headwinds.
Morrisons also reported “strong” performance from its online category, with double-digit like-for-like growth in the year, growing ahead of the market and increasing market share.
“Good growth” during the festive period
Over the Christmas period, Morrisons reported “good” performance in a “competitive market”, with group like-for-like sales up 3.4% in the six weeks to 4th January 2026. It said this was led by fresh food, and supported by Market Street and its manufacturing business.
It described the period as “excellent” for its The Best premium range, up 17.4%, and there was good growth in the online category.
Rami Baitiéh, chief executive of Morrisons, commented: “2024/25 was another year of renewal and modernisation for Morrisons. In a year when consumers were feeling the squeeze, we grew like-for-like sales for a twelfth consecutive quarter, maintained EBITDA and our market share, and demonstrated our resilience in the face of some tough external headwinds, from the cyber incident, rising inflation and Government cost increases, which we worked hard to offset.
“In Q4 we also made the changes and investments in prices, promotions and loyalty that laid the foundations for more robust momentum in the first quarter of the new financial year.
“We had a good Christmas in 2025, providing a solid foundation for the first quarter. As we enter 2026, the grocery market remains competitive and we are committed to our focus on delivering good value and keeping prices low for customers, announcing a further 2,500 price cuts at the start of January.
“I would like to thank all of our colleagues, farmers and suppliers for everything they do for Morrisons, their commitment and diligence is the foundation for the progress we are making.”
Jo Goff, Morrisons CFO, stated: “We worked hard during the year to offset the significant and unexpected cost headwinds arising from the Government’s 2024 budget and other inflationary pressures, with our cost reduction programme delivering savings of £233 million, to take the total to date to £845 million. We expect to exceed our £1 billion savings target by the end of FY26.
“We also reduced gross debt by 10%, while addressing near-term maturities. Morrisons has built a strong track record of deleveraging, and net debt is now down 46% since 2022. We continue to have a strong balance sheet and a well invested overwhelmingly freehold supermarket estate.”
