Nov 6, 2018

Morrisons sees slowdown in third-quarter supermarket sales

Wm Morrison has said sales in the third quarter rose 5.6 per cent, with the core supermarket chain reporting slower than expected growth of 1.3 per cent but the wholesale business increasing 4.3 per cent. Analysts had expected supermarket sales to grow around 1.8 per cent, the level experienced in the first quarter. Dave Potts, chief executive of the UK's fourth-largest supermarket chain, told reporters on a conference call that the company had enjoyed a strong Halloween and was set up well for the key trading period of the year. Mr Potts, who spent 39 years at Tesco before taking the helm at Morrisons in 2015, has cut prices, revitalised stores and paid down debt. Bruno Monteyne, food analyst at Bernstein, said the supermarket sales growth for the quarter was below expectations.

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