Morrisons reports sales growth and nearly £1bn in cost savings

Morrisons has reported an acceleration in its third-quarter performance, with like-for-like sales rising 3.2% for the 13 weeks ending July 26. This marks the retailer's fifteenth consecutive quarter of like-for-like growth. Total sales for the period reached £4.1 billion.

The supermarket attributed the growth to a broad-based improvement across its supermarket, online, convenience, pharmacy, and Myton manufacturing divisions. CEO Rami Baitiéh noted that the results were aided by hot weather and the soccer World Cup, as well as a strategic focus on price competitiveness through the launch of the ‘Unbeatables’ price promise.

In addition to sales growth, Morrisons reported significant progress in its efficiency program, delivering £53 million in cost savings during the quarter. This brings cumulative savings to approximately £995 million, helping to offset rising external costs. The company also saw double-digit growth in online sales and continued its expansion in the convenience sector with 71 new Morrisons Daily franchise stores opened this year.