Morrisons has another bad three months

Sales at Morrisons fell nearly 3% in three months to 3 May

Continuing a downward slide, the supermarket saw like-for-like sales excluding fuel fall 2.9%, despite a rise of 1% in its online sales.

This is the first quarterly statement the company has published since its new CEO David Potts took over in February, and it’s not positive.

However, Potts promised investors the second half of the year would see improved profits.

Morrisons profits gif

While the four main supermarkets, Tesco, Asda, Sainsbury’s and Morrisons, have taken a hit from the discounters in the last few years, Morrisons has arguably suffered the most due to its lack of convenience stores and small online presence. Its market share has fallen to 10.9% - down from 11.3% at the start of the year.

You can explore the grocery market with Kantar Worldpanel’s interactive tool:

Profits fell 52% in the year to 1 February to £345m – Morrisons’ worst results in eight years. The supermarket was forced to make huge cuts to jobs – losing 720 head office staff and five senior managers – and close stores. However, in a shift towards improving its customers’ experience, it is hiring 5,000 store-based staff.

It seems these changes haven’t yet made an impact on the supermarket’s bottom line, but in a rapidly moving grocery market, it’s still all to play for.

NOW READ:

Jon Moulton

Jon Moulton: Miliband as Britain’s next PM is a “terrifying” prospect


Sports Direct founder Mike Ashley

Billionaire Mike Ashley’s Sports Direct HQ raided by police


Tesco - trouble - gloomy sky

Tesco’s brutal boardroom cull: two more directors quit

Social Bookmarks