Supermarket chain Morrisons has revealed that its profits climbed by eight per cent in the first half of the year, with customer numbers hitting record levels.
In spite of ongoing uncertainty about the domestic and global economy, underlying profits were up at £442 million during the six months to July 31, climbing from £410 million in the same period of 2010. Half-year turnover increased by 7.4 per cent to £8.7 billion and like-for-like sales grew by 2.2 per cent.
“The environment has weighed heavily with consumers and we have maintained our focus on value,” the company said in a statement, adding that the current challenges facing the UK retail sector are likely to remain “for some time to come”.
Morrisons customers also spent £240 million more on fuel than in the opening half of last year, with persistently high oil prices singled out as the key factor. In addition, chief executive Dalton Phillips reiterated his plans to enter the online market with investment of £3 billion in the pipeline.
Last week, rival Tesco announced it was seeking a buyer for its Japanese operation having failed to make headway in the market.
