03:09 ET<\/span>
\n<\/span><\/p>\nSupermarket group Morrisons has reported a rise in annual profit but has also warned that 2011 will be challenging.<\/p>\n
The company announced a pre-tax profit of \u00a3874m for the 12 months to the end of January, up from the \u00a3858m it made in the same period a year ago.<\/p>\n
Like-for-like sales, excluding fuel and VAT, rose 0.9%.<\/p>\n
The group also said it planned to launch an online shopping service in the coming two years.<\/p>\n
Morrisons is the UK’s fourth largest supermarket chain, after Tesco, Asda and Sainsbury’s, and is the only one of the “Big Four” without a significant online business.<\/p>\n
As it continues to carry out research into e-commerce, it also announced a \u00a332m investment in US internet grocer FreshDirect, which will see it take a 10% stake in the firm.<\/p>\n
“They are leaders in fresh food online and they do it profitably,” chief executive Dalton Philips told the BBC.<\/p>\n
This marked its second e-commerce investment in as many months, after February’s acquisition of baby goods website Kiddicare for \u00a370m.<\/p>\n
Morrisons also said it was exploring the idea of opening convenience stores, with plans to open three trial stores this year.<\/p>\n
In addition, the group said it would return \u00a31bn to shareholders over two years and was committed to double-digit dividend growth over the next three years.<\/p>\n
But it also said in a statement: “We expect the economic backdrop to remain challenging in 2011, with higher taxes, government spending cuts, inflation and rising unemployment all continuing to weigh on consumer confidence and disposable incomes.”<\/p>\n<\/p><\/div>\n<\/p>\n
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