Morrisons, the UK’s fourth largest supermarket with 10% market share, has reported that pre-tax profits are up 40% to £200m for the first six months of the year.
Like-for-like sales were up 2.6% in the quarter which is the seventh consecutive quarter of sales growth. Turnover increased by 4.8% to £8.4bn. Net debt reduced by a further £262m to £932m. The grocery chain has stabilised over the past two years and is focusing on luring shoppers back into its stores by lowering prices and improving its food offering.