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Morrisons Sales Edge Up Amid War Concerns
25 Mar
Summary
- Morrisons reported a 2.8% rise in underlying sales growth.
- The UK's fifth-largest grocer experienced this growth in Q1.
- The company is monitoring the Iran war's impact on confidence and supply.
British supermarket group Morrisons announced an improvement in its underlying sales growth during its first quarter. The grocer saw like-for-like sales increase by 2.8% in the 13 weeks concluding on January 25. This marks a slight uplift from the 2.4% growth recorded in the preceding quarter.
Morrisons, now under the ownership of U.S. private equity firm Clayton, Dubilier & Rice, stated it is closely monitoring the potential repercussions of the Iran war. The company is alert to its impact on both consumer confidence and established supply chains.
The chief executive indicated that the competitive trading conditions observed in the first quarter have continued into the second quarter. This suggests ongoing market challenges for the UK's fifth-largest supermarket group.
