Turnover and pre-tax profits rise (From Bradford Telegraph and Argus)

Turnover and pre-tax profits rise

9:36am Thursday 11th March 2010 in

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More and more people are shopping at Morrisons according to figures released today.

Annual results show the supermarket chain attracted more customers than ever before, increasing its market share from 12.3 per cent to 12.6 per cent last year, again outstripping its main rivals.

Announcing the annual results for the year to January 31, 2010, chairman Sir Ian Gibson said the Bradford-based retailer was in a strong posiiton after a record performance which saw like-for-like sales increase by six per cent, turnover rise to £15.46 billion and pre-tax profits soar by 21 per cent to £767m.

Morrisons, whose new chief executive Dalton Phillips starts work at the end of the month, is planning to open 60 new stores of between 10,000 and 40,000 sq ft over the next three years to increase access to its store to the seven million hosueholds currently not near a Morrisons.

Store development will be focused in the South of England and will be mainly larger stores but more smaller outlets are also planned.

Chiarman Sir Ian Gibson said: "Morrisons had maintained its progress at a difficult time for the UK economy and at a time of management change, following the departure of former chief executive Marc Bolland to Marks & Spencer.

"Focusing on selling fresh food at affordable prices has enabled Morrisons to achieve a record performance in 2009."