Food Specialist for Everyone

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Food specialist F for everyone

Annual report and financial statements 2009

Welcome to Morrisons
We are the UK’s fourth largest food retailer by sales with an annual turnover in excess of £14bn. We have 382 stores, visited by 10 million customers each week and served by 124,000 employees.

What makes us different from other supermarkets is our own supply chain, our own manufacturing sites and ‘Market Street’. We make and pack our produce Fresh produce is washed, graded and packed in our own packing facilities. We have three bakeries producing six million loaves, rolls and muffins each week. We own abattoirs and supply meat to the stores, where it is cut instore by trained butchers. We make fresh meat products like pies, burgers and sausage rolls in our meat processing plant. We supply direct to stores We have 12 distribution centres and our own fleet working around the clock to deliver the freshest food to our stores. See page 20 for more on our business model

Market Street
Market Street is a unique shopping experience and is central to the Morrisons food offer. It contains a number of different areas, where all our fresh food is stocked, prepared and served by our staff, giving the feel and service of a traditional market. Our staff know their trade, and we have more craft skilled staff than any other supermarket.

Our Vision – to become the ‘Food Specialist for Everyone’ Our fresh food production, delivery and in-store preparation gives us control over cost, quality and freshness. Bring this together with our great prices and great shopkeeping skills and our vision is clear. Food specialist, because our expertise helps us deliver fresher food than anyone else; For everyone, because our great food is also great value. Our vision is realised through three brand values: Fresh, Value and Service. See page 18 for more on our Vision and Values






The Directors’ report and business review

2 3 5 5 6 8 9 11 12

Financial highlights Chairman’s statement Chief Executive’s business review – Strategy update – Operating review of the year – Operating results – Optimisation Plan progress – Long term growth Financial review

Performance review

Market overview Our strategy Our business model Risks and uncertainties Taking good care – Corporate Social Responsibility in our business 26 Our values in action

16 18 20 22 24

Strategic review

28 30 34 42

Board of Directors Corporate governance report Directors’ remuneration report General information


Financial statements

45 46 47 52 52 52

Directors’ statements of responsibilities Independent auditor’s report Group accounting policies Group financial statements Consolidated income statement Consolidated statement of recognised income and expense 53 Consolidated balance sheet 54 Consolidated cash flow statement 55 Notes to the Group financial statements 78 Company accounting policies 81 Company balance sheet 82 Notes to the Company financial statements

Group financial statements Company financial statements

Investor information

90 92 93 95

Seven year summary of results Supplementary information Glossary Investor relations and financial calendar

Investor information



Annual report and financial statements 2009

Financial highlights

Group turnover 2008: £13bn +12%
£14,528m £12,462m £12,969m

Like-for-like sales (ex-fuel) 2008: +4.6%

Underlying profit 2008: £563m +13%
£636m £563m

5.2% 4.6% £324m










Group turnover grew 12%, due to industry leading like-for-like store sales growth and strong fuel sales.

Like-for-like sales, the measure of growth in existing stores, increased by 7.9%.

Underlying profit before tax increased by 13%, driven by the strong like-forlike sales performance and ongoing delivery of...
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