Morrisons has posted a 3.1% decline in third quarter like-for-like sales after trading was impacted by “subdued” consumer sentiment.
In the 13 weeks to 31 July, total revenue rose by 4.5% year-on-year to £4.8 billion and like-for-like sales were up 4.8% on a three-year basis.
Meanwhile, adjusted EBITDA declined to £177 million from £356 million a year earlier which Morrisons said was a reflection of a number of temporary and transitional factors, some of which are expected to reverse in its fourth quarter.
During the period, the supermarket also experienced unprecedented inflationary pressures in its own food manufacturing operations.
Morrisons said the cost-of-living crisis is starting to change customer shopping patterns in a number of ways and said it is doing everything it can to keep prices down.
Earlier this week, it announced that it was reducing prices on 150 of its most popular products to help make customers’ money go further.
