Morrisons market share rises, profits up

| September 10, 2009 | 0 Comments
”Morrisons

Supermarket giant, Morrisons, has announced a 22% rise underlying pre-tax profits to £359 million in the six months to August 2, up from £259 million last year.

The UK’s fourth largest supermarket chain said it is benefiting during the economic downturn as new customers are attracted by its prices.

According to the chain, it has attracted more than one million new customers on a weekly basis over the past two years and, as a result, has increased its market share from 11.2% a year ago to 11.6% in the 12 weeks to 12 July. Tesco holds the majority, with a 30% share of the market, according to the latest data from TNS Worldpanel.

The group, which operates from over 400 stores, added more than 20 sites in the first six months of the year (19 of which it acquired from the Co-op).

Marc Bolland, the supermarket’s chief executive, said: “This has been an excellent first-half performance from Morrisons, continuing our run of market-beating sales growth.”

However, the group expressed caution that as food price inflation eases, growth would slow in the second half.

In August, Asda, which is the UK’s second largest supermarket, posted a 7.2% rise in underlying sales for the three months to the end of June.

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