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Gloucestershire Business News

Morrisons sales boosted by lockdown

Morrisons has reported a 5.7 per cent rise in sales for the last quarter, with demand boosted by the coronavirus lockdown.

Morrisons, which has stores in Gloucester, Cheltenham, Cirencester and Tewkesbury, said the quarter to 10th May had been "highly volatile", as reported by Sky.

The retailer's sales were up during coronavirus panic buying at the start of March, before being hit by the initial lockdown and weak Easter sales. But a "significant improvement" has been seen in recent weeks.

Group sales jumped by 10.8 per cent over the last two weeks of the quarter. Retail sales were up by 5.1 per cent overall for the 14 weeks to 10th May.

While there is little certainty for the coming months, Morrisons said its best estimate is that costs relating directly to COVID-19 are likely to be largely offset by the business rates holiday from the UK government.

Frontline employees will get a six per cent annual bonus to thank them for their commitment to feeding the nation during the crisis.

The company's chief executive, David Potts, thanked frontline key worker colleagues for their professionalism, enthusiasm and resourcefulness, which he said have made a difference to people and communities across Britain.

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