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Gloucestershire Business News

Sales up to £17.7billion as supermarket continues its turnaround

Supermarket chain Morrisons have recorded an increase in sales for a third consecutive year.

Profits before sales and exceptionals rose by 8.6 per cent to £406 million while total revenue was up 2.7 per cent to £17.7billion.

However, on a statutory basis £86million of exceptional costs saw profit before tax fall 15.8 per cent to £320million.

The end-of-year report said "we remain confident that Morrisons still has many sales and profit growth opportunities ahead, and expect that growth to be meaningful and sustainable.

It added: "We are today announcing a further special dividend of 4.00p per share, taking the total dividend for the year to 12.60p."

Hailing the results, Morrisons chairman Andrew Higginson said: "In a challenging period for customers and an ever-changing British retail scene, the turnaround at Morrisons has continued to progress well.

"The team has now completed four years of important work, building Morrisons as a broader, stronger business.

"I am delighted that sales and profit again grew strongly, and that we are able to share that growth with our shareholders through increased dividends."

The report also highlighted a further increase in customer satisfaction scores, up to a 20 per cent improvement in the past four years.

Morrisons opened three new stores in the year, taking their total network to close to 500 across the country.

The company brought in David Potts as chief executive in 2015 with the aim of turning around performance after four years of poor performance.

Potts added: "A third consecutive year of strong sales and profit growth, and a total annual dividend up over 150 percent during those three years, show the Morrisons turnaround is well on track.

"This turnaround is based on improving the shopping trip for customers, making Morrisons more popular and accessible.

"And our customers are noticing. Most pleasing of all was another big increase in customer satisfaction, now up a full 20 percentage points in the last four years, which is all down to the friendliness and expertise of our team of unique food makers and shopkeepers."

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