Sales boom lifts Morrisons' profits

High street retailer Morrisons has hailed "another good year" as profits climbed 21% and sales hit record levels.

The UK's fourth biggest supermarket chain reported pre-tax profits of £767 million for the 12 months to January 31, from £636 million in the previous year.

Morrisons, which said it expects economic conditions to remain challenging this year, saw like-for-like sales growth slow across the period to 6%, compared with 8.2% the year before.