Jan 9, 2018

Morrisons enjoyed sales boost in lead-up to Christmas

Wm Morrison revealed a 2.8 per cent increase in like-for-like sales, helped by a deal to supply convenience store operator McColl's and the continued recovery of its own supermarkets. Sales were especially strong in the pre-Christmas period, with a 3.7 per cent rise in the six weeks to January 7 contributing momentum to the headline result for the 10-week period ending on the same date. Rising food prices are helping supermarkets' top lines after several years of declines, even if Morrisons said it had kept "a basket of key Christmas items" at the same price as last year. Wholesale deals accounted for nearly one-third of Morrisons' like-for-like sales improvement - a strategy echoed by Tesco's £3.7bn bid for wholesaler Booker, which received competition clearance last year. The Co-operative Group has also joined the fray, absorbing wholesaler Nisa and becoming supplier to Costcutter convenience stores last year.

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