Insight Report 3 minutes PremiumMorrisons (LON: MRW) FY16 Results: Sales Continue to Fall, but Cost Cuts Boost Bottom Line Coresight Research March 10, 2016 Executive Summary Wm Morrison (Morrisons) reported FY16 revenues of £16.12 billion, down 4.1% year over year and slightly below the consensus estimate of £16.16 billion. Comps were down 2.0% but turned positive in the fourth quarter. Gross margin fell by 70 basis points, but cost reductions and prior-year writedowns contributed to a 700-basis-point improvement in the SG&A margin. As a result, operating margin improved by 609 basis points; net profit turned positive, to £222 million, beating consensus; and diluted EPS of 9 pence met consensus. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for Other research you may be interested in: Weekly US and UK Store Openings and Closures Tracker 2024, Week 34: Full-Year Store Closures in the US To Exceed 5,000Analyst Corner—Gen Zers vs. Baby Boomers: Uncovering Three Generational Shopping Trends with Aditya KaushikThree Data Points We’re Watching This Week: US Real Estate FocusThree Data Points We’re Watching This Week
