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Morrisons profits soar as turnaround picks up pace

14 Septembre 2017

Like-for-like sales were up 3% for the six months to 30 July, while underlying profit was up nearly 13% at £177m.

Morrisons, the UK's fourth-biggest supermarket chain, has reported rising sales and profits for the first half of the year.

Like-for-like sales, excluding fuel and VAT sales tax, were up 2.6 percent over the second quarter, having increased 3.4 percent in the first quarter.

A former executive of market leader Tesco, Potts joined Morrisons in 2015 tasked with reviving the group after it was badly hurt by the rise of German discounters Aldi and Lidl in its northern England heartland.

"The capability of the team continues to improve and we are making strong headway with our plans to Fix, Rebuild and Grow".

Mr Potts has led a recovery of the grocery chain by investing in price cuts and calling time on under-performing stores in attempts to turn the page on the supermarket's ill-fated era under ousted boss Dalton Philips.

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Morrisons recently signed a deal to become the United Kingdom wholesale supplier to convenience store chain McColls.

The partnership will see the supermarket supply Safeway and branded products to 1,300 convenience shops and 350 newsagents starting from January next year.

Morrisons forecast total annualised wholesale sales to all its partners would exceed 700 million pounds (including tobacco) by the end of 2018.

Partly as a result of the deal, Morrisons has increased its profit guidance for the full year.

He has delivered a steady improvement in trading, driving a 27 per cent rise in the company's shares over the previous year.

"With good trading momentum and a strategy to build a broader, stronger Morrisons, the business is well set to continue to deliver consistent and sustainable growth for its stakeholders", said Chairman Andrew Higginson.

Morrisons profits soar as turnaround picks up pace