Morrisons -Sales increased by market share profits
Morrisons saw his turnover rise last year, because the supermarket group claimed the market share of competitors and his user base of the loyalty card grew.
The group said last week that it would look more than 200 jobs as part of a cost -saving plan, in which Sainsbury’s participated in reducing the workforce in the months after the October budget.
The move followed on Morrison’s warning that supermarkets were confronted with an ‘avalanche of costs’ after Rachel Reeves had increased taxes for employers.
Morrisons was one of the more than 70 companies, including Tesco, Asda and Sainsbury, who told Rachel Reeves in a recent open letter that announced changes in the budget meant that price increases were ‘certainty’.
Last week, Sainsbury’s confirmed plans to reduce more than 3000 roles, because it is preparing to close all its remaining cafés in the store and hot food counters.
On Wednesday, Morrisons said that the Like-For-Like selling by 4.1 percent rose in the year ending on October 27, while the profit rose to £ 835 million from £ 751 million in the previous 12 months.
Job Cuts: Last week Morrisons said it would look more than 200 jobs as part of a cost -saving plan
The annual results did not relate to the most important Christmas trading period, when Morrisons IT problems experienced, which forced it to lower the price of articles such as turkeys and champagne for some customers.
But the supermarket showed its best quarter since 2021 for the three months to October 27, when sales grew by 4.9 percent compared to the previous year.
Morrisons, which has his head office in Bradford, West Yorkshire, and has more than 100,000 people, has been owned by the American private equity company Clayton, Dubilier & Rice since 2021.
The group said that more card -linked sales strength grew to 68 percent at the end of the year.
Chief Executive Rami Baitieh said: ‘This has been a year of urgent re -recording and positive progress for Morrisons.
‘Customer transactions increased, the market share grew from Q2 and we saw a positive switch from our competitors.
“The improvements throughout the company have resulted in better availability in our stores, sharper prices, more effective promotions and a strong and growing loyalty schedule.”
Former Carrefour France -Baas Baitieh joined Morrisons as Chief Executive in November 2023, and last January said that the performance of the supermarket was not good enough.
His Turnaround strategy is aimed at improving the competitiveness of the retailer, product availability and the loyalty program ‘Meer Map’. A schedule to praise Aldi and Lidl on important items was introduced in February.
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