Morrisons profit rises on new store openings

MORRISON (WM) SUPERMARKETS

Last Updated at 08 Sep 2010, 11:30 ET *Chart shows local time

price	change	%
292.30 p	+ +1.30	+ +0.45

More data on this share price

Supermarket group Morrisons has reported a 30% rise in annual profits after it opened more stores.

The Bradford-based group said pre-tax profits rose to £858m in the year to 31 January, from £655m the previous year, with revenues up by 6% to £15.4bn.

Morrisons opened 45 new stores, two of which were replacements.

"In a difficult period for the UK economy and for the consumer, Morrisons has again demonstrated its strength," chairman Sir Ian Gibson said.

The group recently appointed Dalton Philips, a former Wal-Mart executive, to be its new chief executive from 29 March.

Its former chief executive, Marc Bolland, left the company in December. Mr Bolland is due to become the new chief executive of Marks and Spencer on 1 May.

Morrisons now has a total of 425 stores.

"The group has made good progress in its plans to move from being a national presence to a truly nationwide retailer," it said.