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Morrisons shrugs off Brexit uncertainty

by LLB Reporter

Morrisons has posted a rise in annual underlying profits despite Brexit uncertainty has knocked confidence and a slowdown in retail sales.

Morrisons is the UK’s fourth largest supermarket, they posted an 8.6% rise in underlying pre-tax profits to £406m for the year to 3 February.

The grocer saw like-for-like sales slow down to 0.6% in the last three months, 1.3% down from the third quarter.

However, like-for-like sales rose to 3.8% in the fourth quarter due to a 3.2% contribution from the wholesale division, which includes tie-ups with Amazon and McColl’s.

Results showed on a statutory basis pre-tax profits fell 15.8% to £320m after exceptional costs.

David Potts, chief executive said the group saw a much more “challenging autumn as consumers were more cautious in more uncertain times.”

Potts added the company’s turnaround is “well on track” and Brexit uncertainty had taken its toll, however 2018 “ended well.”

Morrisons said full-year comparable sales rose 4.8% up 2.8% compared to the previous year.

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