Morrisons boss hails ‘bounce back’ as interim sales and profits climb

Morrisons boss Rami Baitiéh said the supermarket chain has “bounced back strongly” following disruptions to its supply caused by a cyber attack at the end of last year.

The retailer delivered an underlying EBITDA of £344m in the half to 27 April, up 7.2% year-on-year and boosted by a 4.2% increase in sales to £3.9bn during its second quarter.

It credited its sales and profit growth to in-store trials of a more focused product range, improvements to its Market Street concept which features Farm Shop influences, and a new World Foods offer.

This was paired with £58m of cost savings during the period, as the retailer looks to deliver £1bn in business efficiencies by the end of FY26.

Baitiéh said: “Against the backdrop of a challenging macro environment, with inflation driving subdued consumer sentiment, value remains at the forefront of customers’ minds.

“Throughout the first half we’ve worked hard on helping customers through these challenges with a rigorous focus on price, promotions and meaningful rewards for loyalty.

“The renewal and modernisation of Morrisons continues at pace. Customer reaction has been very positive with Morrisons fresh food strengths and outstanding value shining through strongly.”

The retailer also reported strong growth in its convenience business, with 42 franchise Morrisons Daily stores opening in the second quarter.

Baitiéh said he sees the “potential for hundreds more franchise-owned stores as we expand further in the growing and fragmented convenience market”.

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