“Meaningful” profit growth ahead for Morrisons following Q1 results

Supermarket giant Morrisons has announced it is optimistic about returning to “meaningful” profit growth over the next couple of years.

In its Q1 trading statement for the 14 weeks up to May 9, the company’s total sales were up by 5.3 per cent.

Online sales during Q1 continued to perform for the business, with year-on-year growth of 113 per cent.

David Potts, chief executive, commented: “We’ve had an encouraging start to the year, with positive like-for-like sales and some good momentum across Morrisons both on a one and two-year view.

“We said back in March that we expected to grow profits and reduce debt in the current year and I’m pleased to be both reiterating that guidance today and looking forward to a year of meaningful profit growth in 2022/23.

“The pandemic is not yet over, but it is in retreat across Britain and there is much to be positive about as something approaching normal life begins to take shape.

“The nation has a summer of socialising and sport to look forward to and we’ll all be able to rediscover the joys of meeting up and eating well together. Whichever way consumers choose to enjoy their renewed freedom, we will be there for them.”

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