LAST UPDATE 15:00
The British supermarket group Morrisons said underlying sales fell 6.4% year-on-year in the last quarter, citing a “very fragile and difficult consumer environment”.
The UK’s fourth-largest supermarket chain said total revenue, including fuel, rose 2.6% to ,6 4.6 billion ($ 5.6 billion) in the 13 weeks to 1 May. while core profits rose 14.5% to 71 71 million.
The British supermarket group Morrisons said underlying sales fell 6.4% year-on-year in the last quarter, citing a “very fragile and difficult consumer environment”.
The UK’s fourth-largest supermarket chain after Tesco, Sainsbury’s Asda, said total revenue, including fuel, rose 2.6% to 4 4.6 billion ($ 5.6 billion) in the 13 weeks to May 1, while core profits rose 14.5% to 71 71m.
“With continuing inflationary pressures and an increasingly sluggish consumer climate, the environment has become very difficult,” the company said.
He added that trading improved at the end of the quarter, mainly due to strong performances at Mother’s Day and Easter.
The increase in sales is mainly attributed to the recovery of fuel sales, while the better profits than expected, reflect the recovery in areas affected by the coronavirus, as well as cost savings.
Source: Capital
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