Morrisons has posted a drop in full year pre-tax profit although its EBITDA came in at the top end of guidance given in its third quarter.
In the year to 30 October, adjusted EDBITDA was down 15% to £828 million, but grew by 26% in the supermarket’s fourth quarter.
Morrisons increased its total sales by 2.2% to £18.4 billion in the year although like-for-like sales excluding fuel fell by 4.2%.
However, like-for-like sales were up 2.6% on pre-pandemic levels three years ago and up 2.5% in three weeks before Christmas.
Morrisons is expecting cost and other inflationary headwinds to continue in the current financial year, but said it is confident that these will be offset by improved trading momentum and its various cost saving programmes.