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British supermarket chain Morrisons has reported £18.4bn ($22.8bn) in revenue for fiscal 2021/22 (FY21/22), up by 2.2% from £17.98bn ($22.3bn) in fiscal 2020/2021.

In the 52 weeks to 30 October, the retailer’s overall like-for-like (LFL) sales increased by 2.1%, but dropped by 4.2% when fuel was excluded.

Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for FY21/22 were £828m, down by 15% from the previous year.

In the fourth quarter (Q4) of FY21/22, Morrisons recorded total revenue of £4.46bn, against £4.43bn a year earlier.

The company’s LFL sales, including sales of fuel, were 0.3% in the quarter. Excluding fuel, its Q4 sales fell by 2%.

Morrisons chief executive David Potts said: “In a very difficult period for consumers and businesses alike, we are continuing to do everything we can to keep prices down for customers and to support our colleagues.

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“As a vertically integrated retailer, we felt the impacts of last year’s racing inflation more immediately than our competitors and this did have an impact on our pricing position. 

“However, since October, we have executed a rolling programme of meaningful price cuts, price freezes and fuel promotions for our customers and our competitive position has considerably sharpened.” 

In fiscal 2022/23, Morrisons plans to continue investing in price and stores by opening new supermarkets and upgrading its core estate.

The retailer will also invest in McColl’s and further develop its My Morrisons app.

Potts added: “Together I’m confident that these moves will enable us to make further significant progress in developing Morrisons into a broader, stronger, more accessible and more popular business.”

Earlier this month, Morrisons invested more than £16m to cut the prices of 130 of its entry-level products.

The price cut is intended to help customers with their weekly shopping amid the UK’s current cost-of-living crisis.