Today Morrisons released Q1 trading with a positive start to 2021 and further profit growth expected. As we predicted, it’s the 2021 vs 2019 growth that really tells the story:
- Total sales (ex-fuel) were up 3.3%
- Two-year Group LFL (ex-fuel) up 8.7%
- Q1 saw strong online demand with internet sales up 113%
- Higher COVID-19 costs incurred at the start of 2021 are in line with expectations.
- Two significant new environmental commitments. To be supplied by ‘net zero’-carbon British farms by 2030 and to remove all plastic bags from stores over the next year.
The investment strategy of Supermarket Income REIT is to own stores benefiting from the growth in online grocery and to capture instore sales from strategically located physical sites.
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