Morrisons sales hit £3.8bn in Q3

Morrisons has reported that like-for-like sales not including fuel, increased by 2.9% during Q3 ended 30 July, increasing its total sales by 3.1% to £3.8bn. 

The supermarket chain has attributed this to its focus on competitive pricing, inflation being below the market, and further investment in its ‘Price Locked Low’ commitment. 

During the quarter, Morrisons also got a positive customer response to its More Card loyalty programme, with over one additional million active users.  

In addition, the group added a further 122 Morrisons Daily convenience stores during the quarter, with a further 89 in Q4 to date, taking the current portfolio of stores to 607. 

David Potts, CEO of Morrisons, said: “Our sharper prices and new loyalty scheme are resonating strongly with customers and I’m pleased to be reporting our fifth consecutive quarter of like-for-like sales improvement.

“We are shaping a broader and stronger Morrisons. Alongside the growth in our supermarkets, we have made further progress across the business with our wholesale, convenience and food manufacturing operations also showing consistent growth.”

He added: “I want to thank our store colleagues for their continued great work and I would also like to thank every one of our colleagues across all our operations for the part they have played in increasing the momentum of the business and serving our customers so well.”

Jo Goff, CFO of Morrisons, said: “Although inflation has been uncomfortably high, there have also been some very welcome recent signs of a decrease in inflationary pressures and we have delivered over £200m of our own cost savings so far this year.

“We always look to pass these benefits through to our customers as quickly as possible, and our food-making model is a further advantage in getting any cost reductions rapidly reflected in shelf edge prices. I am pleased to be confirming our guidance for the full year underlying EBITDA to be up.”