Morrisons FY revenues hit £15.3bn amid ‘strongest’ quarter since 2021
Full-year like-for-like sales were up 4.9% for Q4 and 4.1% for the full year, representing eight consecutive quarters of positive LFL sales
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Morrisons’ revenues jumped 3.8% to £15.3bn for the year ended 27 October 2024, with its Q4 performance being the “strongest” quarter in four years.
Full-year like-for-like sales were up 4.9% for Q4 and 4.1% for the full year, representing eight consecutive quarters of positive LFL sales. Revenues during the final quarter hit £3.8bn.
Underlying EBITDA reached £835m, up by 11.2% from £751m last year.
During the year, the supermarket sold its petrol forecourts to MFG for £2.5bn, which was completed in April 2024.
In addition, in November 2024 the group acquired 36 convenience stores in the Channel Islands, and now has a total estate of over 1,600 shops.
Rami Baitiéh, chief executive, said: “This has been a year of urgent reinvigoration and positive progress for Morrisons. Customer transactions increased, market share grew from Q2 and we saw positive switching from our competitors.
“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. We ended the year particularly strong with Q4 like-for-like sales up 4.9% – the strongest like-for-like quarter for almost four years.”
Jo Goff, CFO, added: “A year of broad based operational progress has helped to deliver a significantly strengthened Morrisons. 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% from its peak.”