UK supermarket Morrisons has reported a 45% rise in half-year profits, attributing its continued success to the store’s low prices attracting new customers.
Despite the economic downturn, Morrisons announced a profit before tax of £449 million in the six months to 2 August 2009, up from the £309m earned in the same time a year earlier.
In its interim results published today (10 September), Morrisons half year like-for-like sales have also risen by 7.8%, excluding VAT and diesel.
During the successful six month period, Morrisons opened 22 new stores nationwide and created 5,000 new jobs. The new jobs are a welcome boost for the UK labour market, which has recently witnessed unemployment rise to 2.43 million in August.
Marc Bolland, Chief Executive, said: “This has been an excellent first half performance from Morrisons, continuing our run of market-beating sales growth.
“The business is performing well in all parts of the country and we are making good progress on our plans to move from National to Nationwide.”
Sir Ian Gibson, Non Executive Chairman, added that Morrisons had welcomed over one million new customers across the UK to its stores.
In its statement, Morrisons reported that it is expecting growth to slow down as food price inflation is set to ease, but the supermarket is expected to remain buoyant during the second half of 2009.
Despite the economic downturn, Morrisons announced a profit before tax of £449 million in the six months to 2 August 2009, up from the £309m earned in the same time a year earlier.
In its interim results published today (10 September), Morrisons half year like-for-like sales have also risen by 7.8%, excluding VAT and diesel.
During the successful six month period, Morrisons opened 22 new stores nationwide and created 5,000 new jobs. The new jobs are a welcome boost for the UK labour market, which has recently witnessed unemployment rise to 2.43 million in August.
Marc Bolland, Chief Executive, said: “This has been an excellent first half performance from Morrisons, continuing our run of market-beating sales growth.
“The business is performing well in all parts of the country and we are making good progress on our plans to move from National to Nationwide.”
Sir Ian Gibson, Non Executive Chairman, added that Morrisons had welcomed over one million new customers across the UK to its stores.
In its statement, Morrisons reported that it is expecting growth to slow down as food price inflation is set to ease, but the supermarket is expected to remain buoyant during the second half of 2009.
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