May 9, 2019

Sales fall behind expectations at Morrisons in ‘challenging’ market

Wm Morrison underperformed revenue expectations over the 13 weeks to May 5 due to slower-than-expected sales in its stores amid a "Competitive and challenging" market, the supermarket group said on Thursday. The supermarket chain, which is the fourth largest grocer in the UK, posted like-for-like retail sales of 0.2 per cent over the first quarter, down from 1.8 per cent growth in same-store sales at the same point last year and missing analyst expectations of a 0.5 per cent rise. Morrisons posted a 2.3 per cent rise in group sales compared to an expected rate of 2.5 per cent. In 2016 Ocado reached new terms with Morrison after executives complained the initial deal was too costly and restrictive, and rowed back on some exclusivity arrangements in return for Morrisons renting extra space in a new Ocado warehouse. Morrisons' wholesale business, which supplies convenience store McColls as well as and a string of petrol stations, delivered stronger like-for-like sales growth of 2.1 per cent, compared to 1.8 per cent growth at the same point last year.

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