Morrisons plans to cut £700m in costs despite rise in revenue

Morrisons did not state where the savings would be made but sources said they would not come from cutting jobs or closing stores. Photograph: Morrisons/PA

Morrisons has said it plans to cut £700m in costs over the next three years to allow it to reduce prices amid a squeeze on consumer spending.

The supermarket group, which reported falls in quarterly sales on the previous year through 2022, said it had eked out a 0.1% increase in same-store sales in the three months to the end of January.