Morrisons, one of the UK's so-called 'big four' retailers, has released its results for the opening quarter of the financial year, describing its performance as 'solid'.
Total sales excluding fuel were up by 0.6 per cent and like-for-like sales were down 1.8 per cent, reflecting a 'steady improvement' from the previous quarter and in line with expectations, Morrisons said.
the group noted that, throughout the quarter, the industry has remained 'very competitive' with couponing a significant factor, while Morrisons itself had focused on communicating its points of difference and sharpening its promotional programme.
'We also continued to make good progress in the delivery of our strategic and operating initiatives, which will enable us to drive our topline, increase efficiency and capture growth,' the group said.
During the quarter Morrisons opened six stores, including two Morrisons M locals, and also acquired over 80 stores to add to its convenience portfolio – remaining on track to meet a target of having 100 convenience stores open by the end of the year.
“We have made a solid start to the year, with our sales performance improving since the last quarter,' outlined CEO Dalton Philips. 'Our promotions have been more innovative and we are explaining Morrisons points of difference more effectively. These efforts were further reinforced by the horsemeat scandal which helped drive increasing customer recognition of Morrisons unique supply chain and approach to meat sourcing. They now understand that Morrisons is best placed to sell food that is what it says it is.
'Strategically, our ambition of building a genuinely multi-format, multi-channel Morrisons is right on track,' he added.
