How much is Morrisons’ CEO Rami Baitiéh paid as supermarket reveals sales grew over the past three months?
Supermarket Morrisons has revealed that their sales have grown over the past three months.
Supermarket Morrisons has revealed that their sales have grown over the past three months. The supermarket’s chief executive Rami Baitiéh has said: “Against a highly competitive backdrop, with grocery market growth lagging previous expectations, we achieved our targets in Q1, delivering our thirteenth quarter of like-for-like sales growth. We know it’s tough for customers right now and we’re doing everything we can to offer them better value and give them more reasons to shop at Morrisons.
“That means continuing to invest in price, promotions and loyalty, concentrating on driving value where it matters most for our customers. “The trading conditions we saw in Q1 have carried over into Q2 and the market remains highly competitive.
“Our success in key seasonal events has created some momentum and having delivered pleasing performances at Valentine's Day and Mothers Day, we are now looking forward to Easter. “We are watching current international events closely, alert to the impacts on consumer confidence and supply chains, and we will continue to do what we can to mitigate effects on our customers.”
In a press release on their website, Morrisons has revealed that their “Group like-for-like (LFL) sales up 2.8% and their total sales up 2.6% to £4.1 billion.” Key other points include: “Strong performance at seasonal events, including a much improved Christmas. Price index continues to improve, with investment in lower prices driving immediate volume increases on key lines.
“Personalised loyalty offers delivering record redemption rates. Strong performance from Online with good growth in the period and improved market share year-on-year in Q1. Further £49m of cost savings delivered in the quarter, taking the total to £894m since the start of the programme.”
Rami Baitiéh was announced as the new CEO of Morrisons in September 2023, succeeding David Potts and officially took over as the Chief Executive Officer of Morrisons on November 6, 2023. Rami said at the time that “Morrisons holds a special place for shoppers across the UK, and I am honoured to be joining the business to help build on the strong links the company has with its loyal customers and the communities where it operates. As a manufacturer, wholesaler and seller of food, Morrisons is uniquely positioned to grow in the coming years while remaining deeply focused on customer satisfaction.
“I also want to acknowledge the talented and hard-working members of the Morrisons team that continue to make Morrisons an employer of choice in Britain. Our people are our great strength and I see tremendous opportunity for team development in the coming months and years. I look forward to building on David’s strong legacy of always putting shoppers first and thank him for his help in the transition.”
How much is Morrisons’ CEO Rami Baitiéh paid?
The Grocer has previously reported that “Former Morrisons CEO David Potts received a total pay package of £4.2 million in the 2021/22 financial year, which included a £1.7 million bonus.” It is not yet known the exact figure Morrisons’ CEO Rami Baitiéh is paid.