Morrisons profits rise despite ‘challenges’ of higher import costs

Morrisons announced today an 11 per cent jump in full-year profits as it continues its turnaround programme.

The UK’s fourth-biggest supermarket chain said it made underlying profits of £374m in the year to 4 February, up from £337m in 2016 despite the “challenges” of higher import costs.

Talking about how Morrisons was now entering its third consecutive year of growth, Chairman Andrew Higginson said: “Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team. We will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well placed to keep delivering.”

Announcing a special dividend of 4p per share, the retailer said it was “growing sales and profit” and expected growth to continue to be “meaningful and sustainable in the future”.