Morrisons Reports 3.2% Like-for-Like Sales Growth for Third Quarter
Morrisons reported like-for-like (LfL) sales growth of 3.2% in the third quarter, marking its 15th consecutive quarter of such performance. Total sales during the period reached £4.1 billion ($5.48bn), with improvements across all business segments including supermarkets, online services, convenience stores, pharmacy, and manufacturing. The CEO attributed this growth to favorable weather conditions and increased consumer activity due to the FIFA World Cup. The company also highlighted a double-digit increase in online sales driven by its Immediacy and Morrisons Now delivery services. Additionally, 71 new Morrisons Daily franchise outlets were opened during the year, with further expansion planned for future quarters. Cost savings of £53 million were achieved this quarter, bringing total efficiency programme savings to over £995 million. Morrisons introduced its 'Unbeatables' pricing initiative and raised its working capital improvement target to £750 million. The CFO noted a 46% reduction in debt since 2022 with no near-term repayments due, indicating strong financial health.
Topics: franchise expansion retail sales growth supermarkets