- Resilient 2024/25 performance in challenging market conditions -
- Improved sales at Christmas 2025 -
Morrisons has today updated investors on trading for the 52 weeks ending 26 October 2025, together with an update on sales over Christmas 2025.
Key points
Christmas 2025
- Good performance in a competitive market with Group like-for-like (LFL) sales up 3.4% in the six weeks to 4 January 2026
- Fresh food at the heart of our performance, supported by Market Street and our manufacturing business
- Excellent Christmas for The Best premium range - up 17.4%
- Good growth in Online
- Market-beating performances from General Merchandise (+10.0%) and Nutmeg clothing (+4.7%)
- Highly successful Disney promotion, with over one million customers participating, including younger families new to the Morrisons brand
FY24/25
- Full year Group LFL sales up 2.8%; Q4 LFL sales up 2.4%, representing twelve consecutive quarters of positive LFL sales growth
- Full year total revenue up 3.2% to £15.8 billion; Q4 up 3.0% to £3.9 billion
- Full year underlying EBITDA maintained at £835 million, despite significant and largely unexpected external cost headwinds
- Strong performance from Online with double-digit LFL growth in the year, growing ahead of the market and increasing market share
- Morrisons More Card active users up 11% to a record 8 million
- Market share stable at December 2025 8.5%, level with January 2025
- Further improvement in price position in the year - with price cuts on a further 2,500 everyday items announced in January 2026
- Debt further reduced and down 46% from 2022 peak, with strong balance sheet
- In year cost savings of £233m, taking total to date to £845m
Underlying EBITDA from continuing operations was £835m, maintained year-on-year despite largely unexpected cost headwinds from the 2024 Budget which represent an annualised cost of £200 million, the impact of a cyber incident in the first quarter and higher than expected inflation.
Rami Baitiéh, Chief Executive, said:
“2024/25 was another year of renewal and modernisation for Morrisons. In a year when consumers were feeling the squeeze, we grew like-for-like sales for a twelfth consecutive quarter, maintained EBITDA and our market share, and demonstrated our resilience in the face of some tough external headwinds, from the cyber incident, rising inflation and government cost increases, which we worked hard to offset. In Q4 we also made the changes and investments in prices, promotions and loyalty that laid the foundations for more robust momentum in the first quarter of the new financial year.
“We had a good Christmas in 2025, providing a solid foundation for the first quarter. As we enter 2026, the grocery market remains competitive and we are committed to our focus on delivering good value and keeping prices low for customers, announcing a further 2,500 price cuts at the start of January.
“I would like to thank all of our colleagues, farmers and suppliers for everything they do for Morrisons, their commitment and diligence is the foundation for the progress we are making.”
Jo Goff, CFO, said:
“We worked hard during the year to offset the significant and unexpected cost headwinds arising from the government’s 2024 budget and other inflationary pressures, with our cost reduction programme delivering savings of £233 million, to take the total to date to £845 million. We expect to exceed our £1bn savings target by the end of FY26.
“We also reduced gross debt by 10%, while addressing near-term maturities. Morrisons has built a strong track record of deleverging, and net debt is now down 46% since 2022. We continue to have a strong balance sheet and a well invested overwhelmingly freehold supermarket estate.”