Morrisons remains focused on new strategic initiatives
Morrisons has reported a “solid performance” in the third quarter after a 2.8% increase in sales.
Comparable like for like sales, which exclude new stores, increased 1.3% in the three months to 31 October.
Volume growth came under pressure from the increase in commodity prices, pushing prices up slightly.
During the quarter, Morrisons opened seven new stores and introduced the first of its “test labs” to trial new retail concepts, as revealed by CEO Dalton Philips in September.
Philips outlined a number of strategic initiatives to drive sales, increase efficiency and capture growth. These included a trial of convenience format stores and online grocery and a re-evaluation of own brand ranges and its approach to promotions.
He adds in a statement accompanying the results that Morrisons remains “focused on the operating and strategic initiatives outlined.”
Morrisons plans to update the market on the development of the strategic initiatives in March next year.
