Morrison beats forecasts in a challenging year - UPDATE

Supermarket giant Morrison boasted that it had 'delivered in a challenging year' as it beat both sales and profit expectations in 2011, after seeing a record number of customers in its stores.

Supermarket giant Morrison boasted that it had 'delivered in a challenging year' as it beat both sales and profit expectations in 2011, after seeing a record number of customers in its stores.

Turnover excluding VAT rose 7% from £16,749m to £17,663m in the 12 months ended January 29th, ahead of expectations of £17,570bn, helped by an 18% jump in fuel sales. Store sales alone, which exclude fuel, increased by 3.9% to £13,436bn, with new stores - of which there were 34 - contributing 2.1% of this growth.

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