Morrisons' results

Morrisons’ preliminary results for the year ended 3 February 2008 have highlighted the following:

Financial summary

o Turnover up 6.0% to £13.0bn (2007: £12.2bn for 52 weeks)
o Like for like sales (ex fuel) up 4.6% (2007: 5.2%)
o Profit before tax £612m (2007: £369m)
o Net debt reduced to £543m (2007: £772m)
o Underlying earnings per share of 14.4p (2007: 8.3p)
o Final dividend up 20% giving a total dividend for the year of 4.8p (2007: 4.0p)

Operating review

o Range expanded and revitalised.
o Store refresh programme on track to complete July 2008.
o Significant increase in customer numbers in the final quarter.
o Eight new stores opened.
o Grocery distribution facility opened in Swindon.

Balance Sheet Review

o Progressive dividend growth.
o Surplus capital of £1bn to be returned to shareholders.

Commenting on the results: Sir Ken Morrison, Chairman said: "In my last statement as Chairman of Morrisons it gives me particular pleasure to be reporting record earnings and to see that more customers than ever before are experiencing the freshness, quality and value that Morrisons has to offer."

Marc Bolland, Chief Executive, said "This has been a strong year for Morrisons, with growing customer numbers. We have always delivered good availability and service. Now we are also recognised for our great fresh foods. Customer numbers have grown by an extra half million per week and we are well on track to becoming the ‘food specialist for everyone’."