Sir Ken Morrison claimed the supermarket giant was back on track to being the "best grocer in town" as shares in the resurgent chain surged seven per cent to their highest level in more than two years.
As well as revealing positive results yesterday, a bullish Sir Ken also introduced the company's Dutch new chief executive Marc Bolland.
The results were the first to be released to the Stock Exchange since the arrival of Mr Bolland from Heineken to replace Sir Ken's friend and colleague Bob Stott.
Mr Bolland said he had been very well received at his new workplace in Thornbury and was settling in comfortably to life in Yorkshire.
He said: "I like it a lot. I have been here for three weeks and it already feels like three months. The people here are very open and very friendly."
Morrisons, which employs 3,000 people in Bradford, reported a pre-tax profit of £134.2 million in the 25 week period up to July 23, a vast improvement on last year's loss of £82.1 million.
Turnover remained at £5.85 billion, despite the chain having 66 fewer stores, and like-for-like sales had increased by 5.9 per cent, including fuel.
The sales improvement follows the completion of the conversion of Safeway stores to the Morrisons brand.
Sir Ken said: "I think we all feel a sense of satisfaction that we have returned to stability and improved performance.
"For the past two years we have been constantly having to talk of ex-Safeway this' and ex-Safeway that'. Now the fact is that we are one unified business and that we are on our way back."
Sir Ken attributed the vast improvement in like-for-like sales to this summer's good weather and the World Cup, both of which brought increased sales.
However both he and finance director Richard Pennycook were quick to state that they anticipated a stiffer level of competition in the run up to Christmas and that it was by no means certain that they would be able to sustain the high levels of growth.
The company said it was on track to deliver £150 million of cost savings this year from increased efficiency in areas such as its former Safeway stores and better distribution.
The centralisation of the company's offices into one building at the new Thornbury HQ is estimated to have saved Morrisons £30 million.
Six million working hours were also cut from the company payroll without laying off staff, resulting in £50 million worth of savings.
Sir Ken also responded to criticisms of the strength of Morrisons marketing and branding by saying that talks were underway to make changes.
e-mail: mark.casci@bradford.newsquest.co.uk
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