Bradford-based supermarket giant Morrisons on Wednesday updated investors on its trading for the 52 weeks ending October 26, 2025, together with an update on sales over Christmas 2025.
US private equity firm Clayton, Dubilier & Rice (CD&R) completed a £7 billion takeover of Morrisons in 2022.
On the festive period, Morrisons said group like-for-like (LFL) sales rose 3.4% in the six weeks to January 4, 2026.
The company said full year group LFL sales were up 2.8% and Q4 LFL sales rose 2.4%, representing 12 consecutive quarters of positive LFL sales growth.
Full year total revenue rose 3.2% to £15.8 billion and Q4 revenue was up 3% to £3.9 billion.
“Underlying EBITDA from continuing operations was £835m, maintained year-on-year despite largely unexpected cost headwinds from the 2024 Budget which represent an annualised cost of £200 million, the impact of a cyber incident in the first quarter and higher than expected inflation,” said the firm.
Morrisons CEO Rami Baitiéh said: “2024/25 was another year of renewal and modernisation for Morrisons. In a year when consumers were feeling the squeeze, we grew like-for-like sales for a twelfth consecutive quarter, maintained EBITDA and our market share, and demonstrated our resilience in the face of some tough external headwinds, from the cyber incident, rising inflation and government cost increases, which we worked hard to offset.
“In Q4 we also made the changes and investments in prices, promotions and loyalty that laid the foundations for more robust momentum in the first quarter of the new financial year.
“We had a good Christmas in 2025, providing a solid foundation for the first quarter. As we enter 2026, the grocery market remains competitive and we are committed to our focus on delivering good value and keeping prices low for customers, announcing a further 2,500 price cuts at the start of January.
“I would like to thank all of our colleagues, farmers and suppliers for everything they do for Morrisons, their commitment and diligence is the foundation for the progress we are making.”
Morrisons CFO Jo Goff said: “We worked hard during the year to offset the significant and unexpected cost headwinds arising from the government’s 2024 budget and other inflationary pressures, with our cost reduction programme delivering savings of £233 million, to take the total to date to £845 million. We expect to exceed our £1bn savings target by the end of FY26.
“We also reduced gross debt by 10%, while addressing near-term maturities. Morrisons has built a strong track record of deleverging, and net debt is now down 46% since 2022. We continue to have a strong balance sheet and a well invested overwhelmingly freehold supermarket estate.”