UK supermarket Morrisons has released its Q3 financial results, reporting a 2.1% rise in total sales to reach £3.9 billion.
Morrisons said its group like-for-like sales were up 2.9%, and said they were “primarily volume driven”. Its total sales reached £3.9 billion, up by 2.1%.
It “continued to invest” in Myton Food Group’s food making operations with the opening of a £13 million sardine processing factory in Cornwall, while it expanded the number of products in its Aldi and Lidl Price Match line.
Morrisons market share stabilises despite “softer market”
Rami Baitiéh, chief executive officer at Morrisons, said: “Our focus on listening to customers, better availability and improving the Morrisons More Card has driven another quarter of good headway across the board. Like-for-like sales remained positive, the switching data improved year-on-year and although the market was noticeably softer in Q3, our relative position improved and our market share stabilised.
“As inflation reduces we are seeing customers increasingly valuing Britishness, provenance, quality and the love of great value fresh food, all of which is in Morrisons heartland. Our price competitiveness improved further in the quarter as our Aldi and Lidl price match, More Card offers and everyday low prices combined to give customers increasing confidence in Morrisons great value.”
The retailer also announced a ground debt transaction with net proceeds of £331 million.
Jo Goff, chief financial officer at Morrisons, said: “Every part of Morrisons – supermarkets, online, convenience, wholesale and Myton Food Group – showed good growth in the quarter, representing a robust performance across a diversified business.
“Looking ahead to the full year, we expect increased EBITDA and further operational progress across the board.”
