Morrisons has pledged to push prices lower in a bid to win back customers squeezed by the rising cost of living.
Last year, the retailer was overtaken by discount rival Aldi as the UK's fourth largest supermarket as customers faced the rising cost of living. The retailer has since announced hundreds of price reductions following its latest investment in pricing.
David Potts, chief executive of Morrisons, said: "In a very difficult period for consumers and businesses alike, we are continuing to do everything we can to keep prices down for customers and to support our colleagues.
READ MORE: Aldi fans 'won't get a takeaway again' after trying £6.49 product
"As a vertically integrated retailer, we felt the impacts of last year's racing inflation more immediately than our competitors and this did have an impact on our pricing position.
"However, since October we have executed a rolling programme of meaningful price cuts, price freezes and fuel promotions for our customers and our competitive position has considerably sharpened."
Morrisons, which was bought by private equity giant Clayton, Dubilier & Rice (CD&R) in 2021, revealed that adjusted earnings fell by 15% to £828 million over the year to October 30.
Morrisons highlighted that the earnings performance was at the "top end" of guidance and included improved profitability in the final quarter. Joanna Goff, chief finance officer of Morrisons, said the group has seen signs of cooling inflation and expects improved earnings next year.
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