It’s not been a good week for Morrisons. Earlier this week, it got a good grilling for an advert projecting a baguette onto the Angel of North. And today the supermarket chain has reported a a 7.1%fall in like-for-like sales in the past three months.
Total sales excluding fuel dropped 4.2% in the 13 weeks to 4 May, a bigger slump than expected by analysts.
In a bid to attract more customers, Morrisons last week launched “I’m cheaper” price cuts which permanently lowered prices by an average of 17% on 1,200 products.
Back in March, chief executive Dalton Philips announced a £1bn plan to open over 200 convenience stores. Plans to improve IT and change the layout of stores is also on the cards.
Philips said: “The plans we set out at our results in March are on track.
“The reaction of our customers to the 1,200 “I’m Cheaper” price cuts we announced last week has been very positive.
“Although it will take time for their full impact to be felt, we are confident that these meaningful and permanent reductions in our prices will enable our clear points of difference to resonate strongly with consumers.”
Leave a Comment