British supermarket chain Morrisons has reported £4.8bn ($5.3bn) in total revenue for the third quarter (Q3) of fiscal 2022 (FY22), up by 4.5% from the same period of the prior year (FY21).
During the 13 weeks to 31 July, the group’s revenue, including fuel, was £4.79bn, up by 4.5% from £4.58bn in Q3 2021.
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Morrisons said that its group like-for-like (LFL) sales, excluding fuel, fell by 3.1% in the quarter.
In addition, its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) declined from £356m in Q3 2021 to £177m.
Morrisons chief executive David Potts said: “The speed, scale and severity of cost and energy price increases, exacerbated by the terrible war in Ukraine, had significant impacts through the quarter, but the market is still growing, and the energy price guarantee will ease pressure on consumers.
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“We are doing everything we can to keep prices down for customers. Last quarter, we introduced one of our biggest ever price cut campaigns and in Q3, we introduced our popular Summer Collector scheme.
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By GlobalData“Earlier this week we announced another significant price cut programme across 150 of our most popular products and tomorrow we are launching a timely fuel promotion – with £0.05 a litre off with a £40 spend in store – to help customers with the high cost of motoring.
“I want to thank all Morrisons colleagues for their continued hard work and dedication to helping our customers through an exceptionally difficult period for UK consumers.
“They continue to be a beacon of compassion and consideration – and the affection and appreciation that our customers have for their work are evident every day.”
In May this year, Morrisons secured a deal to acquire convenience chain McColl’s, defeating its rival bidder EG Group.
The deal is under investigation by the UK’s Competition and Markets Authority (CMA) over concerns that it could reduce competition in the market.
