Morrisons profit hit by Covid costs

Group like-for-like sales, excluding fuel and VAT, rose by 8.6% as it was boosted by strong grocery demand, with 9% growth in the final quarter.

The supermarket giant said its online sales tripled during the year as its capacity jumped five-fold.

In addition, Morrisons on Amazon is now available in around 50 towns and cities, the retailer is also supplying the new Amazon Fresh grocery store, and wholesale supply roll-out to a further 236 McColl’s stores.

Over the next three years, 300 McColl’s stores will be converted to Morrisons Daily and it signed a new contract with McColl’s to extend the partnership to 2027.

David Potts, chief executive, said: “Morrisons key workers have played a vital role for all our stakeholders during the pandemic, especially the most vulnerable in British society, and their achievements over the last year have been remarkable. I am delighted that we are recognising their enormous contribution by becoming the first supermarket to pay a minimum of £10 an hour to all store colleagues. We are also today showing our continuing gratitude and appreciation for the incredible work of other key workers in the nation, by extending our 10% discount for NHS staff for the whole of 2021.”

He added: “We must now look forward with hope towards better times for all, and we’re confident we can take our strong momentum into the new year, targeting profit growth and significantly lower net debt during 2021/22.”