Slimline Morrison gets fatter

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The Independent Online

Wm Morrison, the UK's fifth-largest supermarket chain, today credited its strategy of cutting margins as it rang up a 16-per-cent increase in interim pre-tax profits. The Bradford-based chain, which has 105 stores, said pre-tax profits for the 27 weeks ended August 6 had increased from £79.2 million to £91.6 million.

Wm Morrison, the UK's fifth-largest supermarket chain, today credited its strategy of cutting margins as it rang up a 16-per-cent increase in interim pre-tax profits. The Bradford-based chain, which has 105 stores, said pre-tax profits for the 27 weeks ended August 6 had increased from £79.2 million to £91.6 million.

Excluding the effects of new store opening, like-for-like turnover was up 6%, excluding petrol revenues. Turnover was £1.71 billion, compared with £1.49 billion the time before.

Executive chairman Ken Morrison said he was delighted to have out-performed the tough competition in the supermarket industry.

The company is still 40-per-cent owned by the Morrison family. The managing director, John Dowd, said it had been rewarded for its philosophy of giving customers "the very best for less" rather than bewildering them with complicated loyalty card schemes.

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