Morrisons boss Rami Baitiéh has stressed the supermarket will keep prices low for shoppers, despite “significant costs coming at us”.
Baitiéh pledged to do his best “to keep prices for customers as low as possible” but highlighted that there were “further cost pressures coming,” such as the National Insurance hikes from the Budget, and that it expected “inflationary pressures in the market”.
However, he said the grocer has “identified opportunities” to expand its cost saving programme, and would be doing its best to “mitigate these new headwinds”.
The executive insisted that “cost saving is a part of our culture,” noting that it saved more than £600m over the last two years, and that with the new Budget pressures it needed to accelerate this.
Related Story
Baitiéh explained the business was working to mitigate costs via supply chain optimisation, productivity, efficiency enhancements.
It comes after the supermarket reported a full-year profit rise in its latest results, as well as its strongest quarter since the start of 2021.
Baitiéh noted that the grocer had made “positive progressive” against its turnaround strategy as it grew market share and made switching gains from its competitors.
Despite the positive results, last week Morrisons launched plans to cut over 200 jobs, becoming the latest supermarket to announce such measures, alongside Tesco and Sainsbury’s as it navigates the challenging economic landscape of 2025.
Click here to sign up to Retail Gazette‘s free daily email newsletter