UK: Results Defy Tougher Trading Conditions

Date Posted: 14 March 2008

Sir Ken Morrison, the departing Chairman of Morrisons, noted in his final pre-tax profit statement that it was “particularly pleasing” that the company had seen record earnings in 2007; with like for like sales for the business up 4.6% vs. a year ago.

The results will fill the new chairman (Ian Gibson) with confidence as he takes up his new role at Morrisons: the first non-family member to head up the firm since it was founded in 1899.

Morrisons have seen their ‘Buzz’ score gradually increase over the last month, with the ‘Buzz’ score for the brand peaking at 17% after the announcement. The brand’s Index score is also showing an upward trend, driven by an increase in both the brand’s Value for money score and Recommend scores.

Marc Bolland (Morrisons Chief Executive) commented that the struggling conditions that high street retailers find themselves currently in provides a “great opportunity” for Morrisons and the “great value we offer customers will be at the forefront of our activity in the year ahead”.

BrandIndex will continue to track the Morrisons brand as they strive to deliver under the new management.

Richard Wood, BrandIndex Client Executive

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