Morrisons H1 results hits nine-year high with 6.3% sales increase

Supermarket giant Morrisons’ like-for-like sales increased by 6.3% in the group’s half year results, marking a nine-year high for the company.

Revenue increased by 4.5% to £8.80bn, compared with £8.42bn the previous year, and underlying earnings per share also increased by 8.5% to 6.28p.

However profit before tax slumped by 29% to £142m, compared with £200m the previous year, after net adjustments of £51m, including £33m previously announced for successful bond tender offers and £28m following a change in methodology for estimating stock provisions.

Chairman Andrew Higginson said: “With each passing quarter, the Morrisons team is building a better and better business. New customers try Morrisons and tell us they really enjoy shopping with us: our friendly colleagues, the quality of our fresh food and our low prices. We look forward to more and more customers trying Morrisons.”

CEO David Potts added: “Strong growth, including our best quarterly like-for-like sales nearly a decade, together with another special dividend for our shareholders, shows how new Morrisons can keep improving for all stakeholders.

“Morrisons continues to become broader, stronger and a more popular and accessible brand, and I am confident that our exceptional team of food makers and shopkeepers can keep driving the turnaround at pace.”