It may sound rather unlikely for Morrisons (LSE: MRW) to be considered a growth stock. After all, the supermarket industry is normally viewed as a defensive sector that has historically offered slow and steady growth, rather than rapid increases in profitability. However, under its new strategy Morrisons is a company very much on the up.

In fact, Morrisons is forecast to increase its bottom line by 43% in the current year, and by a further 9% next year. Both of these figures are very impressive and show that the return to the company’s core activities under its new strategy is set to pay off. For example, Morrisons has pulled out of its convenience store operations and sought to reconnect with core customers through a focus on value. Furthermore, it’s leveraging its status as a major food producer by supplying Amazon’s home delivery operation.

With Morrisons trading on a price-to-earnings-growth (PEG) ratio of just 0.4, it seems to offer excellent value for money. And while competition within the supermarket space remains high, it could prove to be a superb growth play over the long run.

Earnings down but bright prospects

Also changing its strategy of late has been Rolls-Royce (LSE: RR). The defence and aerospace company is presently enduring a hugely problematic period and seeing its bottom line fall at an alarming rate. For example, Rolls-Royce’s earnings dropped by 10% last year and are forecast to decline by a further 57% in the current year. As such, investor sentiment could come under pressure and push the company’s share price even lower following its 35% fall in the last year.

While this level of financial performance is disappointing, Rolls-Royce has excellent turnaround potential. For example, next year it’s expected to increase its net profit by 33% and with its shares trading on a PEG ratio of just 0.6, there’s tremendous scope for capital gains over the coming months and years. And with Rolls-Royce a potential bid target due to its share price fall and high quality asset base, its future prospects seem to be very bright.

Staying ahead of the pack

Meanwhile, Domino’s Pizza (LSE: DOM) remains a steadfast growth play, with it having an excellent track record of rapid increases in its bottom line. In the last four years it has grown its earnings at an annualised rate of 11% and looking ahead, it’s forecast to post further growth of 12% per annum in each of the next two years. With its shares trading on a PEG ratio of 1.7, they may not be hugely cheap, but with such a reliable track record of growth, they seem to offer good value for money nonetheless.

A key reason for Domino’s Pizza’s upbeat future prospects is its marketing prowess. Its adoption of technology through social media and online ordering has kept it ahead of more traditional fast food competition, while new menu items have helped to retain customers and attract new ones. With it having a sound strategy, Domino’s Pizza seems to be an excellent long-term growth play.

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Peter Stephens owns shares of Domino's Pizza and Morrisons. The Motley Fool UK owns shares of and has recommended The Motley Fool UK has recommended Domino's Pizza. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.