Supermarket Giant Morrisons Sees Record Growth
- 6.3% increase in like-for-like sales for Morrisons
- Revenue up to £8.80bn from £8.42bn previously
- Underlying earnings per share increased by 8.5% to 6.28p
- Profit before tax down 29% at £142m compared to £200m last year
- New customers enjoy shopping experience and fresh food quality
- CEO confident in team’s ability to continue improving the brand
Supermarket giant Morrisons has achieved a nine-year high in its half year results, with like-for-like sales increasing by 6.3%. This marks a significant milestone for the company as revenue also rose by 4.5% to £8.80bn compared to £8.42bn the previous year. Underlying earnings per share increased by 8.5% to 6.28p. Despite profit before tax dropping by 29% to £142m, compared to £200m in the previous year after net adjustments of £51m including £33m for successful bond tender offers and £28m due to a change in stock provisions estimation methodology, Chairman Andrew Higginson expressed confidence in the team’s ability to continue improving the business. CEO David Potts also praised the new customers’ positive feedback on shopping experience and fresh food quality, stating that the company is becoming broader, stronger, and more accessible for all stakeholders.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Morrisons’ financial performance, including specific figures for sales growth, revenue increase, and profit before tax decrease with clear explanations for the changes. It also includes quotes from the chairman and CEO that support the positive outlook on the company’s future.
Noise Level: 3
Noise Justification: The article provides relevant information about Morrisons’ financial performance and includes quotes from key executives, but lacks in-depth analysis or exploration of long-term trends or consequences of decisions.
Financial Relevance: Yes
Financial Markets Impacted: Morrisons’ stock price may be impacted by these financial results.
Financial Rating Justification: The article discusses Morrisons’ financial performance, including sales growth and changes in profit before tax. This information is relevant to investors and could potentially affect the company’s stock price in financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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