Jan 8, 2019
Opening Quote: Morrisons compensates for Christmas competition
In the nine-week period, wholesale contributed 3 per cent like-for-like sales growth, compared with 4.3 per cent in the third quarter and 3.8 per cent in the second. Retail like-for-like sales excluding fuel up 0.6 per cent in nine weeks to January 6;.Wholesale like-for-like sales up 3 per cent. Shore Capital, Morrison's house broker, had forecast a 0.5 per cent rise in same-store sales - at most - for the nine weeks to January 6. "We expect little like-for-like volume growth over Christmas for the big four." Wm Morrison is the first to wake up and smell the 20 per cent cheaper instant coffee. Currency cut these revenues by a further 0.7 per cent and a change in working days took another 0.2 per cent - meaning group like-for-like sales were 2.3 per cent lower.
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