Morrisons profits rise on low-cost food range

Morrisons, one of the UK`s `big four` supermarkets, has reported a strong increase in profits, largely down to a 50% surge in sales of its Value range of foods.

The company reported a 7% rise in its full-year profits, up to £655 million from £612 million a year ago. Meanwhile, like-for-like sales increased by 7.9%.

The figures may reflect shifting attitudes amongst consumers with regard to where and how their money is spent as the economic downturn continues.

A spokesperson for debt management company Gregory Pennington said: "People are being much more careful than they used to be with regard to saving money and avoiding debt. It`s probably no coincidence that many `budget` stores and retailers that offer a lot of cheap deals are currently performing strongly.

"However, while hunting for bargains may be a good idea, it doesn`t guarantee that people will stay on top of their finances. People should ensure that they seek expert debt advice at the first sign of trouble."

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Gregory Pennington offer a range of debt solutions, including debt management plans. If you are worried about debt, contact one of our expert debt advisers today.