UK supermarket Morrisons has published its results for the full year, as well as the 13 weeks ending 27th October 2024.
Group like-for-like (LFL) sales were up 4.9% for Q4 and 4.1% for the year, representing eight consecutive quarters of positive LFL sales. The fourth quarter was the strongest LFL sales improvement for almost four years.
Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) from continuing operations was £835 million, up by 11.2% from £751 million last year.
Morrisons also reported its full year total revenue was up 3.8% to reach £15.3 billion, with Q4 up 4.8% to reach £3.8 billion. It also said it had experienced “continued growth” in its convenience store estate, which now stands at over 1,600 stores.
Chief executive of Morrisons Rami Baitiéh commented: “This has been a year of urgent reinvigoration and positive progress for Morrisons. Customer transactions increased, market share grew from Q2 and we saw positive switching from our competitors.
“The improvements across the business have resulted in better availability in our stores, sharper prices, more effective promotions and a strong and growing loyalty scheme. This operational progress is now starting to be reflected in our financial performance, with full year like-for-like sales up 4.1% and EBITDA up by 11.2%. We ended the year particularly strongly with Q4 like-for-like sales up 4.9% – the strongest like-for-like quarter for almost four years.
“The More Card is firmly established as a customer favourite after a stunning year with linked sales growing from 47% just 18 months ago to 76% today. We have introduced a rolling programme of around 2,500 deeply discounted More Card prices and points are now awarded on every product. In the two-week Christmas period around 3.5 million Morrisons Fivers were redeemed by customers.
“I want to thank everyone at Morrisons for their commitment and energy every day and for playing their part in the significantly improved performance that we are reporting today. Supermarkets, Convenience, Online, Wholesale and Myton Food Group all contributed to the improving picture, helping us serve our customers better.”
Morrison chief financial officer Jo Goff said: “A year of broad based operational progress has helped to deliver a significantly strengthened Morrisons. We delivered a further £150 million of progress on our working capital programme in the year, taking the total since the start of the programme to £450 million, and have achieved £312 million in our cost saving programme in the year.
“Our capital allocation framework remains to firstly invest in our estate and proposition, second to reduce debt and leverage and third to invest prudently in growth. We have a good track record in each of these, and debt is now down 40% from its peak.”
