Morrisons continues to experience steady sales growth, focusing on customer loyalty and product availability.
- In its third quarter, Morrisons reported a like-for-like sales increase of 2.9%, reaching a total of £3.9 billion.
- Innovations such as AI-powered cameras and product additions to the price match initiative improved availability by 2 percentage points.
- The company expanded its Morrisons More Card loyalty program, introducing new elements and significant savings.
- A £331 million property deal with Song Capital is projected to reduce Morrisons’ debt by over 40%.
Morrisons continues to maintain strong sales momentum. The company recently revealed a like-for-like sales rise of 2.9% during the third quarter, with total sales amounting to £3.9 billion. Although this reflects a decrease from the previous quarter’s 4.1% increase, the total sales exhibited growth from the £3.8 billion reported previously.
The improvements in availability have been attributed to the implementation of AI-powered availability cameras in over 400 stores, coupled with the introduction of 50 new products in the Aldi and Lidl Price Match program. These developments have resulted in a 2 percentage point enhancement in stock availability year-over-year.
Morrisons has also focused on enhancing its loyalty scheme through the expansion of the Morrisons More Card program. This includes the introduction of over 2,000 new More Card Prices and the extension of loyalty points to purchases made via the Amazon channel. Plans are underway to incorporate the More Card into their convenience stores starting in October.
Further strengthening its financial strategy, Morrisons entered into a significant property transaction with real estate investor Song Capital. The £331 million deal, which will keep properties under Morrisons’ control, is aimed at reducing the company’s debt by more than 40%. Jo Goff, Morrisons’ CFO, stated that if these proceeds and those from earlier transactions are used to cut down debt, Morrisons anticipates a debt reduction to approximately £3.6 billion, marking a 41% decrease from its peak.
Morrisons’ strategic initiatives continue to drive steady growth, underpinned by a strong focus on customer loyalty and financial stewardship.
