Morrisons vows it is “making good progress” in its turnaround plans in spite of comparable sales falling 2.6% in its third quarter. The nation’s fourth-biggest grocery store chain said that while it was keeping on putting resources into lower prices, it had again lessened the quantity of promotional vouchers available for use.
The move – for supporting its margins in the midst of hardened industry competition on price – had “impacted” Q3 sales by 2.4% year-on-year, Morrisons said. The grocer included that its pricing had brought about a 5.3% fall in grocery charges for its customers in the last two years.
CEO David Potts said: “The business is moving at pace on the long voyage towards enhancing the shopping trip for customers. “Our needs for the rest of the year are unaltered – to balance out trading, lessen expenses and further enhance the ability of the headship team. We are gaining great ground in numerous regions and clients are seeing improvements.”
The chain stated six urgencies for the company in September while affirming a 47% fall down the half-year profits. Moves made by Mr. Potts since he assumed control from Dalton Philips incorporate putting a more noteworthy accentuation on the customer experience, shaking-up his administration and auctioning off the main part of its convenience store operation.