Morrisons’ full-year profits jumped 6.5% as the supermarket giant’s new CEO Rami Baitiéh looks to build on its customer satisfaction scores and improve the shopper experience.
EBITDA jumped to £970m in the year to 29 October, with the fourth quarter up 8.5%.
Morrisons also reported its sixth consecutive quarter of like-for-like sales improvement, with full year total revenue, excluding fuel, up 2.7% to £14.9bn.
Baitiéh, who joined the supermarket in November, said this was a “positive” result for the grocer. However, he added that “there is so much more we can do, and together with my colleagues, we are developing plans to reinvigorate, refresh and strengthen Morrisons”.
Subscribe to Grocery Gazette for free
Sign up here to get the latest grocery and food news each morning
Baitiéh said that the retailer is “just beginning to see our customer satisfaction scores improve,” adding that continuing to boost the shopper experience will be “the bedrock of our next chapter.”
The grocer’s online and convenience channels saw positive results in the fourth quarter, with online sales growth of 1.6% and convenience, which includes McColl’s, up 9%.
A further 190 McColl’s stores were converted in the fourth quarter, alongside an additional 131 in the first quarter of this year. There are now more than 800 trading as Morrisons Daily.
Baitiéh added: “I have been at Morrisons for only a few months, but it’s already clear that we have an abundance of talented colleagues, well-located shops, high-class food-making operations and a real point of difference with our Market Street butchers, fishmongers, bakers, cheesemongers and deli counters.
“I’m confident that Morrisons has the people, the talent, the assets and the desire to chart a bright future in UK grocery by giving customers more and more reasons to shop at Morrisons.”
