Morrison's CFO outlines expansionist plans for supermarket chain
- Morrisons profits are up, but CFO Richard Pennycook wants to see expansion southwards to create a nationwide presence.
Morrisons, the UK's fourth-biggest supermarket chain's pre-tax profits, jumped nearly a third after 12 months of industry leading sales growth."2009 was a vintage year," said finance director Richard Pennycook. "We strongly outgrew the market for the second year in a row."
The firm was the fastest growing of the big four retailers over the key Christmas period and Pennycook said its sales were growing 2.5%, ahead of the market. Sales increased 6% to £15.4 billion in the year to 31 January.
To read the rest of the article you'll need to log in below
If you've forgotten your details click here for a reminder.
If you haven't got an account, it's free and it only takes a minute to set one up,
click here to register
- login or register to post comments
- Add to a social bookmarking site
It's All In The Detail
As well as a library of analysis and practical help for finance professionals, we also have a wealth of news on individual sectors supplied by Finance Week partners.
If you would like to discuss your industry with your peers, why not set up an individual disvcussion group for your sector. We can create both private and public groups where you can swap information and practical tips. .If you would like to set up a group please contact the editor, Rachel Fielding.
The Bottom Line: A political masterclass in negotiation
"Some expert politicking and negotiation on the part of Nick Clegg and his team resulted in the new coalition government. Reed Finance's Lynsey Rattigan advises on how to brush up on your own workplace bargaining tactics to your career advantage."