Morrisons has today updated investors on Q1 trading for the 13 weeks ending 26 January 2025.
Key points:
- Group like-for-like (LFL) sales up 2.1%
- Total sales up 2.4% to £4.0 billion
- More Card linked sales reaches all time high at 78% with points now awarded on every product
- Management team further strengthened with a number of new senior hires including: Andrew Staniland as Group Trading Director, Food; Matt Heslop as Director of Convenience and Wholesale and Matt McLellan as Group Data and Media Director
- A further £56m of cost savings in Q1 taking the total to £668m since the start of the programme. Target raised from £700m to £1 billion in the medium term
- Wide ranging operations optimisation programme announced on 24th March, including changes to Cafés, Convenience stores, Market Kitchens and Florists
Rami Baitiéh, Chief Executive, said: “Despite a challenging environment, Morrisons has made exceptional progress in a very short time and that is entirely down to the hard work, positivity, talent and customer focus of the colleagues in our stores, in our foodmaking sites and in our operations across the country.
“As I outlined in January, the cyber attack on Blue Yonder caused a far reaching period of disruption across the businesses, affecting our stock accuracy, availability, waste and forecasting. Despite this I am very pleased that we are reporting an increase in like-for-like sales in the quarter of +2.1%.
“In the quarter we delivered a further £56m of cost savings and we expect to deliver the remainder of our £700m target ahead of schedule in the second quarter. We are today increasing our target to £1 billion which will help us offset cost headwinds, invest for customers and remain competitive in a fast changing market.”