Morrisons reports its most successful quarter in nine years

- Finance - Sep 13, 2018

The UK supermarket chain, Morrisons, has announced its quarterly figures, noting the best figures in nine years.

The company’s second quarter sales grew by 6.3%, with the first half’s like-for-like sales growing by 4.9%.

The same period of the previous year, ending 4 August, saw Morrisons sales – excluding fuel and VAT – increase by 3%.

The firm’s sales have continued to increase for 11 consecutive quarters, the supermarket revealed.

Morrisons underlying tax profits hit £193mn (US$253mn) in the review period – 9% higher than the previous year.

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“Strong growth, including our best quarterly like-for-like sales for nearly a decade, together with another special dividend for our shareholders, shows how new Morrisons can keep improving for all stakeholders,” remarked David Potts, CEO of Morrisons.

“Morrisons continues to become broader, stronger and a more popular and accessible brand, and I am confident that our exceptional team of food makers and shopkeepers can keep driving the turnaround at pace.”

Following the successful results, the retailer announced its plans to export products to Asia.

The company intends to supply the Big C firm in Thailand with a range of 100 of its Morrisons-branded items.

The firm is already supplying products to Amazon Fresh, Ocado, McColl’s, and Sandpiper, the Telegraph reported.

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