John Ibbotson / 10th January 2017
Finally some good news to report from a Big Four UK supermarket. Morrisons has released their Christmas trading figures and its positive reporting after years of dismal commentary caused by the attack of the discount retailers. Here is my glowing report:
“Morrisons has started the Christmas results season with a Magnificent Seven.
“Having already fired the first shot in the 2017 price war, it’s out of the blocks with a robust set of numbers and a fifth consecutive quarter of growth in like-for-like sales.
“It’s a turnaround that is looking more impressive by the day and the discounters are finally being reeled back in. They’re suddenly looking human and are only really taking market share by opening stores.
“Compared to two years ago when Morrisons was on the canvas, the turnaround is exceptional.
“Morrisons has returned to its roots and once again started to deliver fresh food, low prices and good value.
“There’s still work to do and a climate of intense competitiion, food inflation, lower margins and returns on capital mean the sales of yesteryear are unlikely, but Morrisons is safely into sustained recovery territory.
“The falling Pound may also hurt Morrisons less than its rivals, as a high proportion of its food is produced in the UK.
“The ‘Morrisons Makes It’ campaign, together with the introduction of “Best” premium lines, have without doubt lured shoppers back.”