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Morrisons profits jump despite cost rises

Morrisons, the UK's fourth-biggest supermarket, said annual profits jumped 11% as its turnaround programme continues.

The chain made underlying pre-tax profits of £374m in the year to 4 February, £37m higher than in 2016.

Like-for-like sales, which strip out stores open for less than a year, were 2.8% higher excluding fuel.

The retailer said performance was strong despite the "challenges" of higher import costs.

Revenues rose £1bn to £17.3bn and chairman Andrew Higginson said Morrisons was now entering its third consecutive year of growth.


BBC News

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