Morrisons has posted an increase in second quarter sales as it works towards building a “broader, stronger” business.
In the 13 weeks to 30 April, the supermarket’s total sales, excluding fuel, rose by 3.1% to £3.7 billion while like-for-like sales edged up 1%.
However, group revenue fell by 0.9% to £4.5 billion due to lower fuel sales year-on-year. Underlying first half EBITDA was also down, falling by 10.7% to £394 million, as a result of continuing inflationary pressures and the supermarket’s investment in price.
During the period, the supermarket opened a further 107 Morrisons Daily convenience stores to take the total to almost 650, of which around 400 are former McColl’s stores. By the year end, Morrisons expects to have almost 1,000 Morrisons Daily stores trading and said its convenience business is on track to profitable by the year end.
