SuperMeat & Fish Awards contribute to Morrisons’ success
Supermarket chain Morrisons has credited Meat Trades Journal in the midst of a positive half-year performance and industry wins.
In its interim results for the half-year to 31 July 2016, the supermarket chain has revealed underlying profit before tax was up 11% to £157 million while its underlying earnings per share was up 35% to 5.04p. Reported profit before tax was up 13.5% and operating working capital improved £316m.
Morrisons’ chairman Andrew Higginson said that awards success was a testament to the supermarket’s commitment to its customers.
“The new team has made a real difference and delivered further good progress across the board in the first half,” he said.
“Prices are lower, customers are being served better and quality is improving, as demonstrated by Morrisons winning a number of recent prestigious awards, such as the 2016 Meat and Fish Retailer of the Year.” The supermarket received this recognition at MTJ’s SuperMeat & Fish Awards 2016.
Higginson added: “We remain on track to deliver improved profits and returns for shareholders.”
The update comes after Morrisons recently announced price cuts across its meat products.
Chief executive David Potts added that the firm was optimistic about the future. “We are pleased with positive like-for-like sales and 11% underlying profit growth in the first half,” he explained. “I would like to thank the entire Morrisons team of food makers and shopkeepers who are working very hard to fix, rebuild and grow Morrisons. This turnaround opportunity is in our own hands and I am confident we will succeed.”
Whilst turnover during the period was down 0.4%, like-for-like sales have been positive for the past three consecutive quarters.
The supermarket underlined six areas of focus to prioritise:
1) To be more competitive
2) To serve customers better
3) Find local solutions
4) Develop popular and useful services
5) To simplify and speed up the organisation
6) To make core supermarkets strong again
Building on its success from the SuperMeat & Fish Awards, last week Morrisons was also recognised as In-Store Bakery Retailer of the Year at the Baking Industry Awards, organised by MTJ’s sister title, British Baker.
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