Morrison’s has its ‘strongest performance’ in 7 years

As Morrison’s updates the market on its performance in December Helal Miah, investment research analyst at The Share Centre, explains what it means for investors.

Morrison’s has its ‘strongest performance’ in 7 years

This morning food retailer Morrison’s said that like-for-like sales excluding fuel were up 2.9% which was its strongest performance for seven years over a Christmas period.

The company was also keen to highlight that total sales were also up, despite the continuing impact of store closures and there was also strong like-for-like transaction growth.

Interested investors should appreciate that Morrison’s chief executive David Potts described this growth as ‘very encouraging’ and cited product availability, more open tills and a new ordering system as reasons behind the progress.

Food retailers in general seem to have had a good festive season and Morrison’s doesn’t seem to have disappointed its investors. Indeed, these results today have left the group confident that it can deliver full year underlying pretax profits ahead of consensus.

The company is set to continue with its restructuring plan, which will involve various measures aimed at improving its customer service, efficiency and range of product.

 

Please remember, no news or research item is a recommendation or advice to buy. Every Investor is not responsible for accuracy and may not share the author’s views. If you are unsure of the suitability of any investment for your circumstances please contact an adviser. All investments can fall as well as rise in value so you could get back less than you invest. 

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