Morrisons boosted by third quarter sales increase
Morrisons has been boosted by an increase in sales in its third quarter.
In the 13 weeks to 27 July, group like-for-like sales rose by 3% while total sales climbed by 3.5% to £4 billion.
Subscribe to TRBThe supermarket performed well online with double-digit like-for-like growth in the period,
Morrisons has benefited from strong momentum in new product development and is rolling out new fresh ranges in store this week, with over 400 new products introduced.
The supermarket has recently announced price cuts on 650 everyday items and new tailored promotions.
Morrisons made a further £63 million of cost savings in the period, and expects to achieve its £1 billion target by the end of FY26.
Rami Baitiéh, Morrisons chief executive, said: “Consumers are feeling the squeeze and we are continuing to work hard to help our customers make the most of stretched household budgets, staying true to Morrisons values of providing good affordable fresh food for all.
“As we do this, we are also managing the incremental impact of the Autumn budget and other Government legislation, which has created significant cost headwinds, some of which were unexpected at the start of the financial year.”
He added: “In Q4 inflation has increased further and we are adapting and adjusting to make sure we continue to offer the best value – cutting prices for all customers, tailoring promotions and offering More Card customers even better rewards for their loyalty.
“Last week we cut prices on 650 everyday items and this week we launched over 400 new products as part of our biggest fresh range launch for a decade. All of this will help Morrisons customers make their hard earned money go further as we head towards the peak Christmas trading period.”
