British supermarket chain Morrisons has announced that its total sales, excluding fuel, reached £3.9bn ($4.9bn) in the first quarter (Q1) of the fiscal year 2023 to 2024 (FY23/24) – up 3.9% from the same period in FY22/23.
This performance marks the strongest like-for-like (LFL) sales growth in three years, with a 4.6% increase compared to 0.1% growth in the same quarter of FY22/23.
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The retailer attributes this success to its focus on three strategic pillars: commercial excellence, operations optimisation and new value creation.
In February 2024 Morrisons launched a price match initiative with competitors Aldi and Lidl.
The retailer also improved customer satisfaction, with complaints more than halving in the 20 weeks to the end of March.
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Morrisons is close to completing the conversion of McColl’s stores to Morrisons Dailys, with 910 outlets now converted.
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By GlobalDataIts LFL sales uplift on conversion remained at 20%.
Morrisons CEO Rami Baitiéh said: “In January I outlined our plan to re-invigorate, refresh and strengthen Morrisons as we started our next chapter. Those plans are now in full swing with the whole business engaged in the three key pillars of work that will be the foundation of the future for Morrisons: commercial excellence, operations optimisation and new value creation.
“Across the business, we have identified many areas where we can raise our game and make small improvements which collectively will result in a significantly enhanced shopping experience for our customers.
“Availability, waste, newness, innovation, speed and accuracy are all on an improving trend and our customers are beginning to notice.”
For long-term growth, Morrisons is focusing on expanding its wholesale, convenience, franchising, export markets and global sourcing.
The retailer is accelerating efforts to implement these plans.
Morrisons recently partnered with the Bedfordshire Police and Crime Commissioner to introduce crime prevention terminals in its stores.
