Supermarket Chain Morrisons Sees Decline in Q2 Sales, Plans Amazon Expansion
- Morrisons reports a 1.9% drop in Q2 like-for-like sales
- Group like-for-like sales increased by 0.2% for the six months ending August 4, 2019
- Total revenue grew to £8.83bn
- Profit before tax up 5.3% at £198m
- Morrisons expects like-for-like sales improvement in H2
- Expansion of Morrisons store on Amazon Prime Now in more UK cities starting Q3
- Chairman Andrew Higginson: ‘on the right path for continued and sustainable growth’
- CEO David Potts: ‘progress is possible due to exceptional team’.
UK supermarket chain Morrisons has reported a 1.9% drop in like-for-like sales for the second quarter compared to a 6.3% increase in the previous year. For the six months ending August 4th, group like-for-like sales increased by just 0.2%, down from 4.9% last year, while total revenue grew by 0.4% to £8.83 billion. Despite these figures, profit before tax rose by 5.3% to £198 million. The company expects like-for-like sales to improve in the second half of the year and plans to expand its partnership with Amazon Prime Now to more cities across the UK starting in Q3. Chairman Andrew Higginson expressed confidence in continued growth, while CEO David Potts credited the team’s focus on their ‘Fix, Rebuild and Grow strategy for maintaining momentum despite challenging trading conditions.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the company’s financial performance and future plans without any significant issues related to digressions, misleading information, sensationalism, redundancy, or personal perspective presented as a fact. It also includes quotes from key executives that support the reported facts.
Noise Level: 3
Noise Justification: The article provides relevant information about the financial performance of Morrisons, a major grocery retailer, and mentions plans for expansion with Amazon Prime Now. It also includes quotes from key executives. However, it lacks in-depth analysis or exploration of long-term trends or consequences of decisions on stakeholders.
Financial Relevance: Yes
Financial Markets Impacted: Morrisons (MRW.L) stock price and other UK supermarket stocks
Financial Rating Justification: The article discusses the financial performance of Morrisons, a major UK supermarket chain, including changes in sales and profit before tax, which can impact its stock price and the overall market for UK supermarkets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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