英国超市

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16 Sep 2026 07:52:38 ET │ 12 pages

United Kingdom Supermarkets

Morrisons 3Q26 results call: we flag 5 key takeaways and read-across to

TSCO/SBRY

CITI'S TAKE

Morrisons today reported 3Q26 results for the 13wks to 26-Jul, with LFLs

+3.2% for the period (vs. Worldpanel till roll growth for Morrisons of +3.5%

for the 12wks to 12-Jul, and after +2.2% in 2Q). Below we highlight 5 key

takeaways from the company’s earnings call this morning. We see a

slightly negative read to TSCO/SBRY, given Morrisons today flagged

continued price investments (implying a potential step-up in competition

for the listed players), a pressured consumer backdrop, and uncertainty

around the outlook for food inflation (albeit mgmt. noted a relatively

buoyant immediacy market backdrop). This follows on from yesterday’s

Worldpanel release, which highlighted a muted industry backdrop (with

total till roll sales for the 4wks to 6-Sep of +2.0%, vs. inflation for the

period of +2.3%). TSCO will report 1H27e results on 8-Oct; click here for

our preview.

We flag 5 key takeaways from Morrisons’ 3Q26 earnings call.

Monique PollardAC

Elizabeth Moore

Vandita Sood

Jamie Bass

1. Price investments to continue in coming Qs: The group launched its

‘Unbeatable’ price promise campaign at end-Aug, with a commitment to

unbeatable prices across >500 everyday products (which are price

matched to the cheapest of the main 5/6 retailers, rather than using the

discounters as a reference point). Mgmt. noted that this campaign has seen

customer participation of 70%, with increases in value/volume showing

that ‘our strategy is working.’ The group also noted that they will add more

items to the campaign in the coming quarters.

2. Uncertain outlook for food inflation: Morrisons cited market inflation of

c.2.6% in the quarter, but noted that they had inflated below that level. On

the inflationary outlook, mgmt. noted that they are seeing inflation in the

range of 2-3%; not as high as was anticipated at the start of the conflict in

the Middle East. Nevertheless, the group expects ‘this inflation to keep

coming in the coming months’ and noted that there remains uncertainty

about the outlook for inflation.

3.…