Morrisons, the supermarket behemoth, has seen a surge in sales during its most recent financial year, thanks to an increase in market share and growth in its loyalty card scheme.
The company, headquartered in Yorkshire, reported a revenue of £15.2bn for the 12 months ending 27 October, 2024, a rise from the previous year's £14.7bn, as reported by .
Group like-for-like sales also saw an uptick, moving from 1.8 per cent to 4.1 per cent. Morrisons revealed that its underlying EBITDA [earnings before interest, taxes, depreciation and amortisation] climbed from £751m to £835m.
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Sales associated with its More Card soared by 68 per cent, and the company managed to reduce its debt by 40 per cent from its peak.
Rami Baitiéh, Chief Executive, described the past year as one of "This has been a year of urgent reinvigoration and positive progress for Morrisons. " for Morrisons.
He noted: "Customer transactions increased, market share grew from Q2 and we saw positive switching from our competitors."
He further added: "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."
Baitiéh highlighted the impact of these operational advancements on the company's financial performance, stating: "This operational progress is now starting to be reflected in our financial performance, with full year like-for-like sales up 4.1 per cent and EBITDA up by 11.2 per cent."
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He concluded by emphasising the strong finish to the year, saying: "We ended the year particularly strongly with Q4 like-for-like sales up 4.9 per cent – 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 per cent just 18 months ago to 76 per cent 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."
The results come after it was confirmed last week that Morrisons had joined Sainsbury’s and Asda in making major job cuts. Jo Goff, Chief Financial Officer, added: "A year of broad based operational progress has helped to deliver a significantly strengthened Morrisons."
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"We delivered a further £150m of progress on our working capital programme in the year, taking the total since the start of the programme to £450m, and have achieved £312m 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 per cent from its peak."