Morrisons has reported like-for-like growth ahead of the grocery market during its first quarter.
In the 13 weeks to May 4, Morrisons’ total sales excluding fuel climbed 8.6 per cent, of which 1.6 percentage points was contributed by new space gains. Like-for-likes were up 7 per cent, compared with a 4.6 per cent lift for the year to February 3.
Morrisons said that it has generated a like-for-like increase that is ahead of the grocery market during the period and improved its customer base. At the end of last month, Morrisons, along with Asda, outperformed Tesco and Sainsbury’s, according to TNS grocery data.
Morrisons said: “The group has made a good start to its new financial year, with continuing strong sales momentum despite a noticeably tougher economic backdrop.”
The retailer has completed the second contribution of£100 million to its pension schemes and has repurchased 2.7 million shares for£7.3 million as part of its buy-back programme.
Morrisons will continue to rebrand its entire estate and roll out its revised Market Street format by the end of July.
The retailer said the board is “encouraged by the performance of the business to date”, despite the challenging market.
Morrisons added: “Performance in the first quarter has been in line with our expectations and our financial outlook for the current year remains unchanged.”
No comments yet