Morrisons’ sales hit by challenging trading conditions
Morrisons has reported that like-for-like sales excluding fuel dropped by 1.7% in the 22 weeks to 5 January following “unusually challenging” trading conditions.
Total sales declined by 1.8%.
Throughout the period, Morrisons focused on pricing whilst also managing costs. It said most prices for items in a Christmas basket were the same or lower than in the previous year.
David Potts, Morrisons chief executive, said: “It was encouraging that during an unusually challenging period for sales, our execution was strong and our profitability robust, demonstrating the broad-based progress we have made during the turnaround. This was again down to the hard work of Morrisons exceptional team of food makers and shopkeepers. As always, we will take some learnings into the new year, and look forward to 2020 with a strong plan and solid foundations on which to continue to grow.”
With four weeks of its financial year remaining, Morrisons now expects its full year pre-tax profit excluding exceptional items to be within the current range of analysts’ forecasts.
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