Morrisons posts 4.5% revenue growth in Q3 FY22

British supermarket chain Morrison reported £4.8 billion ($5.3 billion) in total revenue for the third quarter (Q3) of fiscal 2022 (FY22), up 4.5% compared to the same period of the prior year (FY21).

In the 13 weeks to July 31, group revenue, including fuel, was £4.79bn, up 4.5% from £4.58bn in the first quarter. third quarter of 2021.

Morrisons said its group’s like-for-like (LFL) sales, excluding fuel, fell 3.1% in the quarter.

In addition, its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell from £356 million in the third quarter of 2021 to £177 million.

Morrisons Managing Director David Potts said: “The speed, scale and severity of increases in energy costs and prices, exacerbated by the terrible war in Ukraine, have had significant impacts throughout quarter, but the market continues to grow and the energy price guarantee will ease. pressure on consumers.

“We do everything we can to keep prices low for customers. In the last quarter we launched one of our biggest price reduction campaigns and in the third quarter we launched our popular Summer Collector program.

“Earlier this week we announced another significant price reduction program on 150 of our most popular products and tomorrow we are launching a timely fuel promotion – with £0.05 per liter reduction with a spent £40 in store – to help customers with the high cost of motoring.

“I want to thank everyone at Morrisons for their hard work and dedication to helping our customers through an exceptionally difficult time for UK consumers.

“They continue to be a beacon of compassion and consideration – and the affection and appreciation our clients have for their work is evident every day.”

In May this year, Morrisons reached a deal to acquire convenience store chain McColl’s, beating rival EG Group.

The deal is under investigation by the UK’s Competition and Markets Authority (CMA), which fears it could reduce competition in the market.