Online sales increased by more than 200%! Morrisons in the UK enters the e-commerce fast lane

According to foreign media reports, the British company Morrisons recently released its full-year financial report for 2020.

Morrisons' full-year profit fell 50.7% to £201m ​​in the year to January 31, after it was hit by the pandemic . Its profit before tax and exceptional costs slumped 50.7% to £201m.

The retailer had a free cash outflow of £450m, compared with an inflow of £238m in the previous financial year, due to lower profits, lower fuel sales, higher inventories and the temporary impact of immediate payments to small suppliers . Morrisons net debt also grew to £3.66bn at the end of the year, compared with £2.45bn the previous year.

Morrisons net debt grew to £1.79 billion, compared with £1.08 billion the previous year, based on pre-IFRS calculations .

Although the epidemic has damaged its offline business, its online business is developing in full swing. It is reported that its online sales increased by 200% last year . Under this influence, Morrisons' total annual revenue can still maintain a year-on-year growth of 0.4% to 17.6 billion pounds . Compared with similar products, sales increased by 8.6% in the same period last year and 9% in the last quarter .

Morrison's online sales growth is very strong , partly due to the strong growth in grocery demand . During the epidemic, online groceries developed rapidly and became an important way for residents to buy daily necessities. Especially in the last quarter of last year , Morrisons ushered in the Christmas trading peak.

Morrisons chief executive said online sales had more than tripled this year as its production capacity surged fivefold . The company also said both its online and wholesale businesses were profitable and expected them to continue to improve.

Morrisons is also expected to see higher profits in the new financial year , as the market has been showing strong trading growth since the start of February .

Morrisons chairman Andrew Higgins said : "This year Morrisons' resilience has been severely tested . But with the growth of its online business, Morrisons is emerging stronger and better , and building deeper and closer relationships with customers and communities. Morrisons aims to grow profits and achieve a significant reduction in net debt in 2021-22 ."

Morrisons has also expanded its wholesale partnership with convenience store retailer McColl's to provide more services and speed up its development.

Financial Report

U.K.

Morrisons