Morrisons reports sales boost with More card surge

Morrisons has reported a 4.1 per cent increase in group like-for-like sales and a 7.9 per cent rise in revenue during the 12 months to October 2024.

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Morrisons has seen a surge in sales during its most recent financial year, thanks to an increase in market share and growth in its loyalty card scheme.

The company, headquartered in Yorkshire, reported a revenue of £15.2bn for the 12 months ending October 27, 2024, a rise from the previous year's £14.7bn, as reported by City AM.

Group like-for-like sales also saw an uptick, moving from 1.8 per cent to 4.1 per cent. Morrisons revealed that its underlying EBITDA [earnings before interest, taxes, depreciation and amortisation] climbed from £751m to £835m.

Sales associated with its More Card soared by 68 per cent, and the company managed to reduce its debt by 40 per cent from its peak.