British supermarket chain Morrisons has disclosed a rise in revenue to £15.27bn in the fiscal year 2023/24, 3.8% up from the £14.71bn reported in the preceding fiscal cycle.
The company's year-on-year group like-for-like (LFL) sales have similarly witnessed an uptick, climbing by 4.1%, an improvement from the 1.8% growth observed in FY22/23.
Full-year underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 11.2% to reach £835m for the year.
The fiscal year's final quarter proved particularly fruitful for Morrisons, with revenue swelling by 4.8% to £3.77bn from £3.60bn in the same quarter of the previous year.
The company’s LFL sales during this period soared 4.9% - the most robust quarter since early 2021.
Underlying EBITDA stood at £275m, compared with £259m in the same period one year earlier.
Morrisons' loyalty initiative, the More Card, has seen linked sales rise to encompass 68% at the fiscal year's closure, a figure that has since increased to 76%.
The retailer launched a rolling programme featuring 2,500 competitively priced More Card items, with points now accruing on every product purchase.
During the festive Christmas 2024 fortnight, a total of 3.5 million Morrisons Fivers were redeemed by patrons.
During the year, the retailer saw notable progress in availability, with fresh availability improving by 4 percentage points.
In November 2024, it finalised the acquisition of 36 convenience stores in the Channel Islands.
The company's convenience store portfolio has continued its upward trajectory to more than 1,600 outlets.
Morrisons chief executive Rami Baitiéh stated: "This has been a year of urgent re-invigoration and positive progress for Morrisons. Customer transactions increased, market share grew from Q2 and we saw positive switching from our competitors.
"The improvements across the business have resulted in better availability in our stores, sharper prices, more effective promotions and a strong and growing loyalty scheme."
In April 2024, Morrisons concluded the divesture of its petrol forecourts to MFG for £2.5bn.
