Economy

Morrisons report better-than-expected Christmas sales

Morrisons report better-than-expected Christmas sales

'A 2.8% increase in like-for-like sales, excluding fuel, in the 10 weeks to 7 January represented the ninth straight period of growth and an acceleration on the prior three-month period, as Morrisons focused on providing growth at the right price in its stores, showed solid growth online and benefited from faster growth in wholesale'.

Sales were especially strong over the Christmas and New Year period with like for like sales of 3.7% for the same period said the Company in a statement.

Specifically, strong results were propelled by sales in children's clothing, premium food and vegetables.

Store pick will continue to grow as we further expand the service into more new areas.

Morrisons is the seventh most shorted stock in the United Kingdom, yet the positive update did not see the "short squeeze" that can amplify share price gains.

Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, said: "Overall supermarket sales increased in value by 3.8 per cent, with an additional £1 billion ringing through the tills compared to the same festive period past year".

More news: More Killed in Traffic Crashes Over New Year's Weekend than Previous Year

Chief executive David Potts said: "More and more customers found more things they wanted to buy at competitive prices at Morrisons this Christmas".

Overall, supermarkets enjoyed a successful Christmas period, as consumers turned to food shopping as opposed to retail in light of rising inflation.

Tesco (LON:TSCO), however, is bucking the trend with a 0.79-percent dip after the latest industry data from Kantar Worldpanel revealed that Britain's biggest supermarket had continued to lose market share in the 12 weeks to December 31, 2017.

Morrison Supermarkets jumped 2.7 percent after it reported a better-than-expected performance over the festive period.

Conversely, Sainsbury's (LON:SBRY), which is set to update the market later today, proved the worst performer.

Shares in Morrisons are now down marginally 1.19 percent as of 11.00AM (GMT).


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