Supermarket Morrisons, UK’s fourth largest chain, reported a fourth successive quarter of sales growth, thanks to its new management team. The supermarket chain reported a 1.6 percent rise in third-quarter sales at stores open over a year, excluding fuel. Since David Potts joined Morrisons as chief executive in March 2015, the Bradford based company has shown rapid increase in growth.
The growth in sales for the 13 weeks to Oct. 30 topped analysts’ forecasts of 1.0 to 1.5 percent though slowed from second-quarter growth of 2.0 percent. Industry experts estimate Morrisons to attain an underlying pretax profit of 321 million pounds in 2016-17, up from 302 million in 2015-16.
Morrisons was hard hit by the rise of German discounter Aldi and Lidl couple of years back when former Tesco boss David Potts took charge as the CEO. He brought in drastic changes by reducing prices, improving product quality, refurbishing stores and enhancing customer service. And the hard work has finally paid off, with the recent results.
“We will keep investing in becoming more competitive and improving the shopping trip, and I am confident we will serve our customers even better during the important trading period ahead,” David Potts said.