"In a year when consumers were feeling the squeeze, we grew like-for-like sales for a 12th consecutive quarter, maintained Ebitda (earnings before interest, taxes, depreciation, and amortisation) and our market share."
"demonstrated our resilience in the face of some tough external headwinds, from the cyber incident, rising inflation and Government cost increases, which we worked hard to offset"
"We worked hard during the year to offset the significant and unexpected cost headwinds arising from the Government's 2024 budget and other inflationary pressures, with our cost reduction programme delivering savings of £233 million, to take the total to date to £845 million. We expect to exceed our £1 billion savings target by the end of 2025-26."
Morrisons recorded like-for-like sales growth of 3.4% in the six weeks to 4 January, with its own premium range up 17.4%. Christmas improvements supported a full-year like-for-like rise of 2.8% to 26 October, while growth slowed to 2.4% in the fourth quarter. Non-food sales increased 10% and clothing rose 4.7%. EBITDA and market share were maintained despite external headwinds including a cyber incident, rising inflation and Government cost increases. The business announced 2,500 price cuts in early January. The cost reduction programme delivered £233 million this year, taking total savings to £845 million, with expectations to exceed £1 billion by end of 2025-26.
Read at London Business News | Londonlovesbusiness.com
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