Morrisons Annual Report
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 …show more content…
Capital expenditure has increased, reflecting additional focus on growing the estate and supporting the Optimisation Plan.
Total dividend for the year has increased 21%, making dividend cover 2.9 times.
www.morrisons.co.uk/annualreport09
3
Chairman’s statement
Sir Ian Gibson
In my first annual statement as Chairman, I am pleased that we are reporting another year of good progress for Morrisons. These are challenging times for the UK economy, but whilst we are not complacent, we are confident that Morrisons offer meets and is in tune with the demands of our customers and the economic background.
Performance review Strategic review …show more content…
New retail space We opened nine new stores in the year, at Giffnock, Gorleston, Whitefield, Kidderminster, Granton, Northallerton, Blandford Forum, Clifton (Nottingham) and Holyhead. Two of these (Giffnock and Kidderminster) were replacements of existing stores and two (Blandford and Northallerton) were former Safeways, which had been closed since the acquisition due to their small size. Our decision to reopen them reflects our growing confidence in the operation of, and return from, smaller stores, and we have been pleased with their performance. A further two of the stores (Gorleston and Clifton) were previous Co-op/Somerfield stores that we acquired and converted to Morrisons. In both cases we saw very significant uplifts in sales compared to those achieved under their former ownerships, and as a result we were pleased, later in the year, to agree the acquisition of a further tranche of stores from the Co-op/Somerfield that we will open in
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 …show more content…
Capital expenditure has increased, reflecting additional focus on growing the estate and supporting the Optimisation Plan.
Total dividend for the year has increased 21%, making dividend cover 2.9 times.
www.morrisons.co.uk/annualreport09
3
Chairman’s statement
Sir Ian Gibson
In my first annual statement as Chairman, I am pleased that we are reporting another year of good progress for Morrisons. These are challenging times for the UK economy, but whilst we are not complacent, we are confident that Morrisons offer meets and is in tune with the demands of our customers and the economic background.
Performance review Strategic review …show more content…
New retail space We opened nine new stores in the year, at Giffnock, Gorleston, Whitefield, Kidderminster, Granton, Northallerton, Blandford Forum, Clifton (Nottingham) and Holyhead. Two of these (Giffnock and Kidderminster) were replacements of existing stores and two (Blandford and Northallerton) were former Safeways, which had been closed since the acquisition due to their small size. Our decision to reopen them reflects our growing confidence in the operation of, and return from, smaller stores, and we have been pleased with their performance. A further two of the stores (Gorleston and Clifton) were previous Co-op/Somerfield stores that we acquired and converted to Morrisons. In both cases we saw very significant uplifts in sales compared to those achieved under their former ownerships, and as a result we were pleased, later in the year, to agree the acquisition of a further tranche of stores from the Co-op/Somerfield that we will open in