Morrisons recovery slows as supermarket continues to struggle under private equity ownership

Private equity-owned Morrisons’ recovery has stalled as sales growth slows.

The supermarket group said like-for-like sales grew 2.9 percent in the three months to July 28, slower than the 4.1 percent rise in the previous quarter.

Since its acquisition in 2021, Morrisons has lost customers and ceded its status as Britain’s fourth-largest supermarket to Aldi.

Rami Baitieh, former head of French supermarket Carrefour, was hired as chief executive last year to turn around its fortunes.

Its strategy includes plans for 400 more convenience stores by 2025 and a loyalty pricing plan.

Baitieh said: ‘Our focus on listening to customers, improving availability and improving the Morrisons More Card has driven another quarter of good progress.

‘Our price competitiveness improved further

such as our Aldi and Lidl price match, deals and everyday low prices combined to give customers increasing confidence in the great value of Morrisons.”

The latest data from analysts Kantar shows it has a market share of 8.5 percent, up from 8.6 percent a year earlier.