Morrison: shares higher after 'strong' Christmas sales

(CercleFinance.com) - Britain's supermarket chain Morrison said it had "especially strong" sales over the Christmas and New Year period, as the retailer is becoming more competitive despite cost pressures from many commodities.


The UK grocer said on Tuesday that sales at stores open over a year rose by 3.7% for the six weeks to 7 January, including retail sales growth of 2.8% and wholesale sales growth of 0.9%.

For the ten weeks to 7 January, like-for-like sales, excluding fuel, rose by 2.8%, including a 2.1% contribution from retail and a 0.7% contribution from wholesale. Group sales including fuel were up 3% like-for-like.

In its statement, the company said a stronger Morrisons is beginning to take shape, as customers start to notice its employees' friendliness "even at the busiest times."

As a result, Morrisons shares, which lost ground over the last year, are currently up 2.1% at 231.7 pence, valuing the business at about 5.3 billion pounds.

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