Morrisons reports rising half-year profit
Supermarket group hails seven consecutive quarters of growing sales
Supermarket group Morrisons reported a pretax profits £200 million (€225 million) for the six months to July 30th.Photograph: Chris Radburn/PA Wire
Supermarket group Morrisons has reported rising half-year profits as it hailed seven consecutive quarters of growing sales.
Pretax profits increased 39.9 per cent to £200 million in the six months to July 30th, while turnover rose 4.8 per cent to £8.42 billion.
Second-quarter like-for-like sales grew by 2.6 per cent, while comparable sales over the second half as a whole rose 3 per cent.
Morrisons chief executive David Potts, who is overseeing a turnaround of the business, said: “A new Morrisons is beginning to take shape. Our supermarkets continue their focus on improving the customer shopping trip and, in wholesale supply, we are beginning to realise some of the opportunities that our unique team of food makers and shopkeepers bring us.”
Mr Potts has led a recovery of the grocery chain by investing in price cuts and calling time on underperforming stores in attempts to turn the page on the supermarket’s ill-fated era under ousted boss Dalton Philips. – (PA)