Friday 23 February 2018

UK's Morrisons sales decline worsens

BRITISH grocer Wm Morrison reported a worsening fall in quarterly underlying sales as it continues to be hurt by its lack of exposure in online and convenience store markets and the rise of discounters Aldi and Lidl.

The over 500-store group, which trails market leader Tesco , Wal-Mart's Asda and J Sainsbury by annual revenue, said on Thursday its financial outlook for the full year was unchanged.

It said sales at stores open over a year, excluding fuel and VAT sales tax, fell 2.4 percent in the 13 weeks to Nov. 3, its fiscal third quarter.

Morrisons said the performance was in line with its expectations.

However, it compared to analysts average forecast of down 1.7pc, and a first half decline of 1.6pc.

 

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