Supermarket chain Morrisons has reported total revenue of £4.5bn ($5.7bn) in the second quarter (Q2) of fiscal year (FY) 2022/23.
This is a decrease of 0.9% compared to the corresponding period in FY21/22.
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In the 13 weeks ending 30 April 2023, the company’s like-for-like (LFL) sales, excluding fuel/ex-VAT, increased by 1.0%.
Total sales excluding fuel for Morrisons were £3.7bn in Q2 FY22/23, an increase of 3.1% against the same quarter of the prior year.
Wholesale channels registered strong growth, with sales up by 20%.
For the first half of the fiscal year, Morrisons’ underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped by 10.7% to £394m.
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By GlobalDataMorrisons chief executive officer David Potts said: “Although we are still in the foothills of our new journey, we are making good progress in our plans to develop a broader, stronger Morrisons built on traditional values with modern methods.
“The momentum we reported in the first quarter has continued with further progress in our like-for-like sales and in our price competitiveness. We also saw significant improvements in the key measures of customer satisfaction, availability and value for money.”
During the quarter, the retailer expanded its footprint by opening 107 Morrisons Daily convenience stores, ending the quarter with nearly 650 stores.
It expects to have almost 1,000 Morrisons Daily stores trading by the end of this year.
David Potts added: “Convenience continues to be a strong area of focus and growth for the business. We now have almost 650 Morrisons Daily stores – around 400 of which are former McColl’s – and converted stores continue to see a significant sales uplift as we work through the McColl’s estate.”
In March this year, the supermarket chain revealed plans to cut £700m in costs over the next three years.
