"Consumers are feeling the squeeze and we are continuing to work hard to help our customers make the most of stretched household budgets, staying true to Morrisons values of providing good affordable fresh food for all. In the fourth quarter, inflation has increased further and we are adapting and adjusting to make sure we continue to offer the best value, cutting prices for all customers, tailoring promotions and offering More Card customers even better rewards for their loyalty."
"We delivered a resilient performance in Q3 in tough market conditions and with significant external cost headwinds. We also made further progress with our capital structure, completing a material refinancing which further reduced gross debt, and proactively extended maturities to 2031. We have now repaid a total of £2.7 billion of debt since the acquisition of the business by CD&R (Clayton Dubilier & Rice), bringing the current debt figure down by around 43% from £6.2 billion to £3.5 billion."
Customers are feeling the squeeze as food prices rise, and Morrisons has seen sales fall in the latest quarter after inflation increased further over the past two months amid challenging conditions. Morrisons is working to help customers make the most of stretched household budgets by cutting prices for all customers, tailoring promotions, and offering More Card members improved rewards. Inflation rose again in the fourth quarter, prompting adaptation and adjustment to maintain value. The company delivered a resilient Q3 performance despite significant external cost headwinds and completed a material refinancing that reduced gross debt and extended maturities to 2031. Total debt repaid since acquisition amounts to £2.7 billion, lowering current debt from £6.2 billion to about £3.5 billion, a reduction of around 43%.
Read at London Business News | Londonlovesbusiness.com
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