May 4, 2017

Morrisons turnround gains pace with 3% sales rise

Wm Morrison on Thursday said sales in its supermarkets grew 3 per cent in the first quarter, beating market expectations and offering more evidence that its turnround strategy is gathering momentum. Sales in British supermarkets rose 3.7 per cent in the 12 weeks to April 23, the fastest rate in three and a half years, spurred by Easter, inflation and weaker sterling, according to Kantar Worldpanel, a company that monitors shoppers' behaviour. J Sainsbury on Wednesday reported that like-for-like sales declined 0.6 per cent in the year to March 11. In March Morrisons reported that its turnround efforts were bearing fruit when it reported a 50 per cent rise in annual pre-tax profit. The performance for the last financial year marked Morrisons' first improvement in terms of like-for-like sales and underlying profit for more than five years.

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