// Morrisons’ sales jump as it boosts value credentials
// The supermarket posted a 3.1% rise in sales to £3.7bn in the 13 weeks to 30 April 2023
Morrisons’ quarterly sales edged up 3.1% as the supermarket’s investment into customer value pays off.
Sales for the grocer rose to £3.7bn in the 13 weeks to 30 April 2023, with like-for-like sales excluding fuel up 1%.
However, total group revenue fell 0.9% to £4.5bn due lower fuel sales.
“Although we are still in the foothills of our new journey, we are making good progress in our plans to develop a broader, stronger Morrisons built on traditional values with modern methods,” said chief executive David Potts.
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“The momentum we reported in the first quarter has continued with further progress in our like-for-like sales and in our price competitiveness.”
“We are making very good progress on both our £700 million three-year cost reduction programme and our plans to deliver £500 million of working capital improvements over the medium term.”
However, he warned inflation remained “disappointingly and stubbornly high” causing customers to be “still very much on a budget”.
Morrisons announced its sixth round of price cuts on Monday as part of a £26m investment into supporting shoppers with the rising cost of living.
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