Good news for the supermarket chain
Morrisons has reported better-than-expected results for the past quarter, this was helped by price cuts.
Like-for-like sales which exclude new store openings rose 3.4 per cent in the 13 weeks to the 30 April. This was a better result than the second quarters 2.9 per cent rise.
The supermarket chain said that imported food costs have risen due to the fall in the pound, but it had managed to keep prices competitive.
There was a huge decline in the pound after the Brexit vote last Summer.
This meant that retailers had to choose between raising prices or seeing their profits squeezed.
Morrisons chief executive Dave Potts believes the firms turnaround will continue.
He said: “We’ve been working hard to improve quality and lower prices. We’re a bit more relevant to a few more people.”
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