Morrisons set to post first double-digit quarterly sales growth in living memory when it reports its interim results
Morrisons will post the first double-digit quarterly sales growth in living memory when it reports its interim results on Thursday.
The Bradford-based grocer, founded in 1899, was the only Big Four supermarket to increase its market share in the three months to the start of August, according to data from Kantar.
Analysts believe it will post sales growth of 10.7 per cent for the second quarter. Its 191p share price is almost precisely where it was 12 months ago. Half-year profits are expected to be around £145m, a 28 per cent drop on last year’s effort.
Chief executive David Potts has said the business rates holiday windfall will be offset by the jump in spending on PPE, store safety and staff absences.
So investors will be looking at how it is building for the future in this year’s changing market – as analysts suggest it could hit £500m annual profits by 2022- 23. The rapid move to online will be under the microscope.
Shareholders will also await details of how the supermarket plans to keep discounter rivals Aldi and Lidl at bay as joblessness rises.
The battle for customers in recession is only just beginning, but Morrisons heads into the autumn in good shape.