Morrisons has reported a slight increase in sales for its third quarter, underlining its dedication to enhancing product availability and customer loyalty.
- Sales grew by 2% to nearly £4 billion, driven by efforts in commercial excellence, operations optimisation, and new value creation.
- The addition of 50 products to its Aldi and Lidl price match scheme has expanded the offering to almost 300 items, boosting value perceptions.
- The More Card saw significant investment, introducing over 2,000 new prices, highlighting loyalty as a strategic priority.
- Innovative use of AI-powered availability cameras enhanced product availability by 2% across more than 400 stores.
During its third quarter, Morrisons experienced a 2% increase in sales, reaching nearly £4 billion. The supermarket achieved this growth by advancing its three core strategic areas: commercial excellence, operations optimisation, and new value creation. These strategic efforts are designed to enhance the overall shopping experience and value proposition for customers.
A notable development was the expansion of Morrisons’ price match initiative with discount retailers Aldi and Lidl. By adding 50 new products to the scheme, Morrisons now offers close to 300 items at competitive prices. This move is strategic in strengthening competitiveness and consumer trust in Morrisons as a provider of value.
Morrisons’ More Card, a loyalty programme, received a substantial boost with the launch of over 2,000 new prices in August and September. CEO Rami Baitiéh emphasised the importance of loyalty, stating that the current quarter is set to be transformative for the More Card as new elements are introduced. Loyalty remains a key focus for Morrisons.
The retailer’s effort to improve product availability saw a 2% year-on-year improvement, supported by the deployment of AI-powered availability cameras in over 400 stores. This technological advancement plays a pivotal role in ensuring that customers can find the products they need when they need them.
Furthermore, Morrisons is taking steps to reduce its debt by £370 million through a 45-year ground rent agreement with Song Capital. This deal allows Song Capital to generate income from 75 stores until 2069, providing Morrisons with a significant reduction in its financial obligations. Baitiéh reiterated the focus on customer satisfaction, better availability, and the More Card, which have been crucial in achieving another successful quarter.
Morrisons’ strategic initiatives in availability and loyalty have played a significant role in driving its sales growth.
