Morrisons has defied a “tough economy” to deliver “unbeatable value” in the first half of the year, according to its CEO.
Dalton Phillips praised the supermarket’s performance in using promotions on products in store and offering low fuel prices as the retailer reported significant growth in profits.
The group reported that underlying profit grew eight per cent in the year to 31 July on the same period last year, up to £442m (€502m) from £410m (€466m), while like-for-like sales increased by 2.2 per cent.
During the six-month period, Morrisons recorded record customer numbers, with an average of 11.5m people passing through the checkouts each week, while the group opened 16 ex-Netto stores and launched its first trial convenience store.
Phillips said: "In a tough economy shoppers are looking for unbeatable value on fresh food, great deals on national brands and the best prices at the petrol pump.
"Our 'Price Crunch' campaign has delivered these for our customers throughout the period.”
He added: "In addition to growing sales and delivering good profit growth, we also made great strides in developing the business for the future.
"We have opened our first convenience store, invested further in our unique production capabilities, increased efficiency across the group, gained valuable insights from our trial stores and taken our first steps towards becoming a multichannel retailer. I am confident we will make further good progress in the second half."
In its outlook report, Morrisons noted that the second half of the year would be challenging, but said that the board was confident that it would deliver on full-year expectations.
No comments yet