Louise

M&S revenue fell 15.8% in the 6 months to 26 September but was less severe than the grocer’s estimate of 22.8% and was in line with consensus forecast.  

We are pleased to see a set of strong results from Tesco this morning. The 29% increase in profits was driven by a 7% rise in like for like sales, and an increase in online sales of 69%.

Today, Sainsburys announced it would be increasing the number of online delivery slots to 700,000 by the end of October.

Morrisons sales surge but profits fall with Covid-19 costs

A clear commitment to the in-store pick model with 10,000 new in-store pickers and 3,000 new delivery drivers

It was very interesting to read Bain & Company’s research in the Financial Times, The article is exactly on message but some context around the Bain numbers is needed.

Morrisons online delivery slots more than doubled – with demand being fulfilled through in store pick

“There has been a fundamental reassessment of the importance of grocery retailers,” this is the view of Justin King, the former Chief Executive of Sainsbury’s and special adviser to Supermarket Income REIT, on the current state of the grocery sector during the current Coronavirus lock-down.

Sales up 0.4% on a like for like basis