MORRISONS DELIVERS GOOD Q3 PROFIT AND MARC BOLLAND WILL TAKE OVER AT M&S
Morrisons, which is now Britain’s fourth-biggest food retailer reported yesterday that the Group’s performance, in the third quarter, has been good and continued the progress reported in the first half.
Sales continued to grow well ahead of the market, reflecting good like for like growth and the contribution from the 37 stores opened so far this year. In the 13 weeks to 1 November total sales* excluding fuel were up by 9.1% (5.1% including fuel). Like for like sales* grew by 4.3% (1.3% including fuel).
The company said “At our interim results announcement in September we said that commodity prices would continue to ease through the quarter, resulting in lower retail price inflation and market growth. This has proved to be the case and our underlying sales performance in the period has been consistent with the good growth we experienced in the second quarter.
In this environment we continue to deliver great value and quality to our customers whilst focusing on managing our cost base and generating profitable growth.
Morrisons welcomed a record 10.8 million customers on average through its doors each week during this period, up by over 1.6 million since we launched our Food Specialist for Everyone strategy two years ago. Our like for like sales of 13% over this period reflect the attractiveness of our unique fresh, quality and value offer.
Our new regional distribution centre at Sittingbourne opened ahead of schedule in the quarter to support the additional volumes going through the business as a result of our store opening programme, and we are very pleased with its early performance. The remaining initiatives within the Optimisation Plan, which concludes in January 2010, are on track.
Performance in the third quarter has been good and we have confidence in the strength of our unique proposition. Our expectations for the current year remain unchanged.”
Morrison’s CEO Marc Bolland, who is credited with turning the group around after the Safeway takeover stretched the system a bridge to far will be leaving the chain to join M & S in the new year.
However he reported on the third quarter trading by saying.“Morrisons continues to grow ahead of the market driven by our award winning combination of outstanding quality, fresh food and great value. I am pleased that more and more customers are attracted to Morrisons, as we continue our journey from national to nationwide.”
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