Morrisons on the up!

15 September 2016
Morrisons on the up!

Morrisons have reported a rise in first-half profit for the first time in four years, which is a third straight quarter of sales growth, which is nice for them.

The supermarket still lags behind Tesco, Sainsbury's, and Asda, and of course, is being chased by Aldi and Lidl, but momentum is momentum.

Morrisons made a an underlying pretax profit before their restructuring costs of £157 million in the 26 weeks to July 31, which is up 11% from the £141 million at the same time last year.

It was even ahead of what was forecast for the supermarket chain, which is rather surprising.

Of course, they've rijigged what they offer, spruced up their shops and logo, and it all seems to be having a positive outcome.

Sales at stores were up 2%.

They're reducing their debt too, which shouldn't be ignored - they've reduced it by £477 million to £1.27 billion, which is still a terrifying amount of money, if we're being honest.

TOPICS:   High Street News

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