Morrisons boss David Potts described the first half of the year as the “renaissance of the British supermarket”. Retail Week analyses whether the stats back up his assertion and what it means for the wider grocery market
At first glance, Potts’ comment may seem surprising, given that Morrisons’ interim pre-tax profits slumped 28.6% due to coronavirus-related costs and a 70% slide in its £3.5bn fuel business during lockdown.
However, despite spiralling costs and a big consumer shift to online grocery spending, Potts clearly believes Morrisons’ – and other food retailers’ – best period lies ahead. He was adamant Morrisons would make a profit in the second half of the year and declared the pandemic had effectively kickstarted a new period of prosperity for supermarket groups.
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