Jan 10, 2017
Morrisons lifts guidance after strong Christmas
Wm Morrison lifted its profit guidance after reporting its strongest sales growth in seven years over the Christmas period, buoyed by a new range of premium products and improved technology for restocking its shelves. Same-store sales at Britain's fourth-biggest supermarket group increased 2.9 per cent excluding fuel in the nine weeks to January 1, as the number of shopping trips increased by more than 5 per cent. Shares in the group opened up 4.5 per cent at 248 pence. These developments appeared to please investors: shares in the group rose just over 51 per cent last year. Morrisons had a market share of 10.8 per cent in the 12 weeks to December 4, according to Kantar Worldpanel.
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