Morrisons Profit Rises as Grocer Fights Back Against Discounters
01/31/2024 19:38
Morrisons’ profit rose as the UK grocer regained some ground in its battle with discount rivals to win over cash-strapped shoppers.
Morrisons’ profit rose as the UK grocer regained some ground in its battle with discount rivals to win over cash-strapped shoppers.
Underlying earnings gained 6.5% in the year to Oct. 29 to £970 million ($1.2 billion), the grocer said Wednesday, helped by improving customer satisfaction scores as it rolls out price cutting and loyalty initiatives. Like-for-like sales, a key sector benchmark, have improved for six straight quarters.