Overview
- Like-for-like sales rose 3.4% in the six weeks to 4 January, with premium own brand The Best up 17.4% and non-food up 10%.
- Morrisons posted a £381 million pre-tax loss for the year to 26 October after £281 million of interest costs, ending the year with £3.1 billion of debt.
- Underlying EBITDA was maintained at £835 million despite about £200 million of cost pressures linked to government measures and other inflationary headwinds.
- The company delivered £233 million of savings in the year, taking cumulative cuts to £845 million, and it expects to exceed a £1 billion savings target by the end of 2025–26.
- Industry data showed market share slipped to 8.5% in the 12 weeks to 28 December, and Morrisons launched 2,500 January price cuts as discounter competition intensified.