Grow­ing sales help prof­its at Mor­risons

The Irish Times - Business - - MARKETS - (PA)

Su­per­mar­ket group Mor­risons has re­ported ris­ing half-year prof­its as it hailed seven con­sec­u­tive quar­ters of grow­ing sales.

Pre­tax prof­its in­creased 39.9 per cent to £200 mil­lion in the six months to July 30th, while turnover rose 4.8 per cent to £8.42 bil­lion.

Sec­ond-quar­ter like-for-like sales grew by 2.6 per cent, while com­pa­ra­ble sales over the sec­ond half as a whole rose 3 per cent. Mor­risons chief ex­ec­u­tive David Potts, who is over­see­ing a turn­around of the busi­ness, said: “A new Mor­risons is be­gin­ning to take shape. Our su­per­mar­kets con­tinue their fo­cus on im­prov­ing the cus­tomer shopping trip and, in whole­sale sup­ply, we are be­gin­ning to re­alise some of the op­por­tu­ni­ties that our unique team of food mak­ers and shop­keep­ers bring us.” Mr Potts has led a re­cov­ery by in­vest­ing in price cuts and clos­ing stores.–

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