Morrisons has posted its best performance in over seven years as its Christmas trading update reveals a 2.9 per cent boost in like-for-like sales.
As a result, the grocer has raised its profit outlook, boosting its pre-tax profit to between £330 million and £340 million, up nearly £100 million on the £240 million recorded last year.
“Eighteen months ago I said that this would be a colleague-led turnaround, and our improving performance is entirely due to the continuing hard work of the Morrisons team of food makers and shopkeepers,” Morrisons chief executive David Potts said.
Potts has been at the helm of the supermarket’s turnaround strategy, and this comes as the first concrete success for the scheme.
A 5.2 per cent rise in sales volumes offset the growing price pressures in the supermarket sector, which has seen Morrisons take centre stage in January as the first to cut prices.
Retail Remedy partner Phil Dorrell said: “Morrisons like-for-like sales growth over Christmas is quite remarkable and all the more noteworthy coming on top of last year’ like-for-like growth.
“Potts has turned this ship around and whilst navigating a big tanker like this takes time his grip on the tiller is both clear and strong.”