Supermarket chain Morrisons has reported preliminary results for the year to 31 January 2016 showing pre-tax profits of £217m (2014/15: loss of £792m), and revenues of £16.1bn (2014/15: £16.8bn).
The company saw like-for-like sales rise by 0.1% in the fourth quarter, with like-for-like transactions up 1.6% in the same period.
David Potts, Chief Executive, said, “By improving the shopping trip for customers, we have started the journey to turnaround the business and make our supermarkets strong. Our listening programme is informing and shaping the six priorities that are now driving the improvements that customers are noticing.
“Our strong balance sheet and cash flow provide the platform for turnaround and growth, but what makes us truly unique as food maker and shopkeeper is the personality and dedication of our thousands of colleagues. I am confident these strengths will help us fix, rebuild and grow Morrisons.”
During 2016/17, the firm expect to realise the remainder of our £1bn three-year cost savings target, but the turnaround will take time and will continue to require sustained investment in the proposition. It also expects to exceed our three-year targets for £600m operating working capital improvement and £1bn property disposal proceeds.