UK supermarket chain Morrisons has reported a 2.7% increase in revenue for the fiscal year 2022/23, reaching £14.9bn ($18.8bn), excluding fuel.
The company’s like-for-like (LFL) sales, excluding fuel, rose by 1.8% over the year, demonstrating six consecutive quarters of LFL improvement.
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Its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) for FY22/23 stood at £970m, a 6.5% increase from the previous year’s £911m.
In the fourth quarter of FY2022/23, Morrisons’ total revenue excluding fuel was £3.6bn, up by 3.2% from £3.5bn in the corresponding period of the previous year.
The quarter’s underlying EBITDA reached £306m, rising from £282m in the same quarter of the previous year.
Retail sales, encompassing supermarkets, online and convenience stores, were a significant contributor to this quarter’s growth, with a 2.9% increase.
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By GlobalDataOnline sales saw a 1.6% rise while convenience stores, including McColl’s, experienced a notable 9% growth.
Wholesale operations added a further 0.4%, with double-digit LFL increases sustained throughout the year.
The conversion of a further 190 McColl’s stores in the fourth quarter, plus an additional 131 in the first quarter of the fiscal year 2023/24, has brought the total number of stores trading as Morrisons Daily to more than 800.
Morrisons recently agreed to sell 337 petrol forecourts, including fuel, convenience retail kiosks and ancillary services, to MFG in a £2.5bn deal.
Morrisons chief executive Rami Baitiéh said: “Reporting today our sixth consecutive quarter of like-for-like sales improvement is very positive. But there is so much more we can do, and together with my colleagues, we are developing plans to re-invigorate, refresh and strengthen Morrisons and to start a new chapter – which begins with our customers.
“Across the business we are listening hard to what our customers are telling us and taking action, and we are just beginning to see our customer satisfaction scores improve. This will be the bedrock of our next chapter.”
