Under the new leadership of CEO Rami Baitiéh, Morrisons reports a 4.6% rise in like-for-like sales, marking the supermarket’s fastest growth period in three years amidst a competitive retail landscape.
Morrisons, under new leadership from CEO Rami Baitiéh, has reported a notable 4.6% rise in like-for-like sales excluding fuel, culminating in nearly £4 billion for the first quarter, marking the fastest growth period in three years. This surge comes as a significant boost for the Bradford-based supermarket chain, which had been losing market share to discount rivals Aldi and Lidl. The improved sales figures have been attributed to enhancements in product availability, waste management, innovation, and customer service, with a marked 60% reduction in customer complaints over the last 20 weeks.
The optimistic outlook shared by Baitiéh is underpinned by a strategic focus on commercial excellence, operations optimisation, and new value creation, with plans to expand through more convenience stores operated by franchisees, alongside initiatives in wholesale, convenience, franchise, export markets, and global sourcing. Following the chain’s acquisition by American private equity firm Clayton, Dubilier & Rice in 2021, the recent £2.5 billion sale of its petrol stations arm reflects significant restructuring efforts.
Despite a challenging financial backdrop, including a reported loss of over £1 billion in the previous fiscal year, the leadership expresses confidence in the company’s trajectory of growth and renewal. Morrisons’ commitment to staying competitive, especially in the face of price pressures from discount competitors, is evident in its strategic pricing moves and overall performance enhancements. Further details on Morrisons’ financial health are expected in the full accounts to be published with Companies House.
