Morrisons bemoans 'fragile' consumer confidence
Supermarket’s commercial director Richard Hodgson moved
By CFOWorld.co.uk staff | CFO UK | Published 15:27, 08 November 12
Supermarket chain Morrisons has posted a quarterly dip in sales attributing it to “fragile” UK consumer confidence levels.
In a performance data release on Thursday, Morrisons said like-for-like sales fell 2.1 percent in the three months to 28 October in a trading environment which continued to remain "challenging."
Overall, total sales excluding fuel fell by 0.4 percent in the quarter. However, if fuel sales via its petrol forecourts are included, the figure rose by 0.2 percent.
Morrisons, which is the UK's fourth largest supermarket chain, said the sales figures "were lower than anticipated." Nonetheless, it maintained that full-year results would be broadly in line with previous expectations.
Morrisons also announced that its commercial director Richard Hodgson had moved away from daily management of operations. On an interim basis, Hodgson would be replaced by the company’s current corporate services director Martyn Jones.
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