31 January 2024 , 14:18
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The new boss of Morrisons, Rami Baitieh, has announced plans to "reinvigorate, refresh and strengthen" the supermarket chain.
This comes as the company reports a rise in sales despite facing challenges since being taken over by a US private equity firm. Baitieh, who took over as CEO in November, said: "Reporting today our sixth consecutive quarter of like-for-like sales improvement is very positive. "
He praised his colleagues and highlighted the unique offerings of Morrisons ' Market Street counters. Morrisons has announced a 2.7% increase in total revenues, reaching £14.9 billion for the year ending October 29. However, this growth is partly due to high grocery price inflation over the past year.
The supermarket chain also reported a stronger end to the year, with like-for-like growth, excluding fuel, of 3.3% in the fourth quarter. Earnings also increased by 6.5%, totalling £970 million for the year.
This news comes after Morrisons agreed to a £2.5 billion deal to sell its 337 petrol forecourts to Motor Fuel Group (MFG), owned by private equity firm Clayton, Dubilier & Rice. As part of the deal, Morrisons will take a minority stake of around 20% in MFG.
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Some of the money from the deal will be used to reduce the company's £5.5 billion debt pile. The remaining funds will be invested into store improvements and pricing.
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