Bradford-based supermarket giant Morrisons said its full year total revenue rose 3.8% to £15.3 billion, with Q4 revenue up 4.8% to £3.8 billion.
Morrisons updated investors on full year and Q4 performance for the 52 and 13 weeks ending October 27, 2024.
US private equity firm Clayton, Dubilier & Rice (CD&R) completed a £7 billion takeover of Morrisons in 2022.
Morrisons said full year group like-for-like (LFL) sales were up 4.1% and Q4 LFL sales were up 4.9% — the strongest quarter since the start of 2021.
Full year underlying EBITDA rose 11.2% to £835 million.
Morrisons CEO Rami Baitiéh said: “This has been a year of urgent reinvigoration and positive progress for Morrisons. Customer transactions increased, market share grew from Q2 and we saw positive switching from our competitors.
“The improvements across the business have resulted in better availability in our stores, sharper prices, more effective promotions and a strong and growing loyalty scheme.
“This operational progress is now starting to be reflected in our financial performance, with full year like-for-like sales up 4.1% and EBITDA up by 11.2%. We ended the year particularly strongly with Q4 like-for-like sales up 4.9% – the strongest like-for-like quarter for almost four years.
“The More Card is firmly established as a customer favourite after a stunning year with linked sales growing from 47% just 18 months ago to 76% today.
“We have introduced a rolling programme of around 2,500 deeply discounted More Card prices and points are now awarded on every product. In the two-week Christmas period around 3.5 million Morrisons Fivers were redeemed by customers.
“I want to thank everyone at Morrisons for their commitment and energy every day and for playing their part in the significantly improved performance that we are reporting today. Supermarkets, Convenience, Online, Wholesale and Myton Food Group all contributed to the improving picture, helping us serve our customers better.”
Morrisons CFO Jo Goff said: “A year of broad based operational progress has helped to deliver a significantly strengthened Morrisons. We delivered a further £150m of progress on our working capital programme in the year, taking the total since the start of the programme to £450m, and have achieved £312m in our cost saving programme in the year.
“Our capital allocation framework remains to firstly invest in our estate and proposition, second to reduce debt and leverage and third to invest prudently in growth. We have a good track record in each of these, and debt is now down 40% from its peak.”