Morrisons Group Q1 Report 2024

In January I outlined our plan to reinvigorate, refresh and strengthen Morrisons as we started our next chapter. Those plans are now in full swing with the whole business engaged in the three key pillars of work that will be the foundation of the future for Morrisons: commercial excellence, operations optimization, and new value creation. 

Highlights

• Group like-for-like (LFL) sales ex-fuel/ex-VAT up 4.6% (2022/23: up 0.1%)
• Total sales ex-fuel £3.9 billion, up by 3.9%
• Strongest quarterly LFL sales growth for three years; seven consecutive quarters of LFL sales improvement
• Three pillars to drive future growth: commercial excellence, operations optimisation and new value creation
• £2.5 billion sale of Petrol Filling Station business to MFG announced in January 2024
• Aldi and Lidl Price Match introduced in February 2024
• Key customer satisfaction metrics improving strongly; complaints more than halved in last 20 weeks
• McColl’s conversion programme nearing completion with over 910 McColl’s stores now converted to Morrisons Dailys; LFL uplift on conversion remains at c. 20% with double digit uplifts in second year