Morrisons added 750 new products to stores last year whilst simplifying its manufacturing business
The British supermarket chain, Morrisons, was able to add an additional 750 products to its stores in 2017, whilst simultaneously simplifying its manufacturing.
The company confirmed that it was able to streamline its manufacturing whilst enhancing capacity through the implementation of technology.
“During the year we simplified our manufacturing business, moving it from profit centre to cost centre,” the company reported in its financial statement.
“A greater focus on cost, yield, and volume, assisted by investment in technology and improved digital capability, has improved productivity and capacity utilisation.”
Morrisons also recently acquired two businesses, allowing it to place a greater focus on its supply chain.
“We recently bought two new businesses – one potatoes, the other eggs- that allows us to own more of the supply chain, meaning closer relationships with farmers and growers, improved product quality and consistency, lower costs of production, and the lowest possible prices for our customers,” Morrisons stated in its results report.
“Both acquisitions required little capital expenditure and both complement our existing manufacturing businesses,” the firm added.
The firm’s recent business strategy has notably been successful, as Morrisons records a rise in profits of 17%.
“Morrisons is now entering its third consecutive year of growth, which is a credit to the whole team,” commented Andrew Higginson, Chairman of Morrisons.
“We will continue to prioritise consistent, meaningful and sustainable growth, which I am confident we are well-placed to keep delivering.”