Morrisons boss aims to 'reinvigorate' and 'strengthen' the supermarket chain
![Morrisons is the UK](/upload/news/2024/01/31/155327.jpg)
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.
![Mum's touching gesture to young son who died leaves Morrisons shopper in tears qhidqkiqhziqxuinv](/upload/news/2023/02/01/59_m.jpg)
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.
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]
Read more similar news:
Comments:
comments powered by Disqus![](/upload/news/2024/07/05/176268_m.jpg)
![](/upload/news/2024/07/05/176264_m.jpg)
![](/upload/news/2024/07/02/176213_m.jpg)
![](/upload/news/2024/06/27/176126_m.jpg)
![](/upload/news/2024/07/06/176297_m.jpg)
![](/upload/news/2024/07/06/176296_m.jpg)
![](/upload/news/2024/07/06/176295_m.jpg)
![](/upload/news/2024/07/06/176294_m.jpg)
![](/upload/news/2024/07/06/176293_m.jpg)
![](/upload/news/2024/07/06/176290_m.jpg)
![](/upload/news/2024/07/06/176289_m.jpg)
![](/upload/news/2024/07/06/176288_m.jpg)
![](/upload/news/2024/07/06/176287_m.jpg)
![](/upload/news/2024/07/06/176286_m.jpg)
![](/upload/news/2024/07/06/176285_m.jpg)
![](/upload/news/2024/07/05/176284_m.jpg)
![](/upload/news/2024/07/05/176281_m.jpg)
![](/upload/news/2024/07/05/176279_m.jpg)
![](/upload/news/2024/07/05/176275_m.jpg)
![](/upload/news/2024/07/05/176274_m.jpg)
![](/upload/news/2024/07/05/176273_m.jpg)
![](/upload/news/2024/07/05/176271_m.jpg)
![](/upload/news/2024/07/05/176269_m.jpg)