Sep 12, 2019

Morrisons defies sales stalling with stronger than expected profits

Grocer Wm Morrison increased its earnings in the most recent six-month period even as a key underlying sales growth figure nearly stalled amid waning consumer confidence and unfavourable summer weather. In the fiscal second quarter, sales dropped 1.9 per cent in the first such fall since 2016, Bloomberg data show. "Morrisons could not sustain an excellent period of unbroken like-for-like retail sales growth, facing into a multiyear comparative headwind in the second quarter," said Clive Black and Darren Shirley, analysts at Shore Capital. Bradford-based Morrisons said on Thursday it plans to expand its grocery delivery service with Amazon. Morrisons at Amazon, Morrisons' same-day grocery delivery service, is to be expanded to more cities from the third quarter.

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