// Morrisons returns to sales growth in the first quarter
// The grocer recorded a 3.4% rise in total sales to £4.7bn for the 13 weeks ending January 29
Morrisons has returned to sales growth in the first quarter as it celebrates the opening of its 500th convenience store.
For the 13 weeks ending January 29, 2023, the grocer recorded a 3.4% rise in total sales to £4.7bn, with group like-for-like sales excluding fuel rising 0.1%.
During the period, Morrisons invested further in “significant price cutting” to “help customers through the cost-of-living crisis”.
It also opened its 500th Daily convenience store this week in Salford.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The grocer acquired convenience business McColl’s in May 2022 and there are now 350 of the chain’s former stores operating as Morrisons Daily stores.
Morrisons CEO, David Potts said: “We still have plenty of work to do, but momentum in the business is now building with an improving trajectory over the last three quarters and like-for-like sales now in positive territory.
“Our market share has stabilised, our inflation rate is below our peers and Morrisons’ traditional competitiveness, colour and dynamism is steadily returning to every part of the business.
“We have targeted £700m of cost savings over the next three years. This saving will help drive the performance of the business by enabling further investment in our loyalty programme, increasing the pace of McColl’s conversions and putting more hours into our stores, as well as mitigating the significant cost headwinds that we face.
“Although this has been another difficult period for consumers, with inflation still at very high levels, we have continued with our programme of regular and meaningful price investments, enabled by a strong start to our cost-savings programme.
“The cornerstone of the improving picture at Morrisons has been our colleagues. Across the whole business, they have continued to help our customers by providing a colourful, vibrant, fresh food-focused shopping experience and I want to thank everyone at Morrisons for their continued hard work and positivity.”
