Morrisons posts 15th consecutive quarter of sales growth
Morrisons has posted its 15th consecutive quarter of sales growth, with like-for-like sales up 3.2%.
In its third quarter ending 26 July, total sales were £4.1 billion as the supermarket grew market share year-on-year.
Subscribe to TRBMorrisons said it put in a strong performance online with double-digit sales growth and trading supported by the continued expansion of its Immediacy and Morrisons Now offerings.
Cost savings of £53 million in the quarter took the total to £995 million since the programme began. In addition to offsetting cost headwinds, this allowed Morrisons to invest further in its customer offer.
The supermarket has recently launched its Unbeatables promise, that guarantees “unbeatable prices” on hundreds of everyday essential items. It is also continuing to grow its convenience business, which has seen a further 71 new Morrisons Daily franchise stores open so far this year.
Rami Baitiéh, Morrisons chief executive, said: “Trading conditions in Q3 remained highly competitive but the period also benefited from the hot weather and the World Cup. We traded strongly, growing ahead of the market and delivering a robust result, with an acceleration of like-for-like sales growth to 3.2%.
“Key to this performance is our continued commitment to keeping prices low. The recent launch of our Unbeatables price promise, which guarantees customers won’t find better value on hundreds of essential products at named major supermarkets, has already had a positive impact.
“We are pleased with our Q3 performance – our stronger like-for-like sales, the combination of lower prices and volume growth, and our market share improvement, are all clear evidence that our strategy is delivering and that we remain on track with our plans.
“We have made a good start to Q4 and are well-prepared for Halloween and the final weeks of the financial year, as we continue to drive further improvements to our offer while keeping prices low for customers.”
