Morrisons has a ‘disappointing’ Christmas
Like-for-like Christmas sales down 2.5 percent
By CFOWorld.co.uk staff | CFO UK | Published 10:35, 07 January 13
Morrisons, the UK’s fourth-biggest supermarket, said like-for-like sales fell 2.5 percent in the six weeks to 30 December, when compared with the corresponding period a year ago.
In a statement on Monday, the supermarket chain described the figure, which excludes sales from the opening of new stores, as “disappointing” but said it would still meet its full year profit forecasts.
Chief executive Dalton Philips said, “In a difficult market our sales performance was lower than anticipated. Notwithstanding these difficult market conditions, which we expect to continue through 2013, our sales performance in the period was disappointing.”
"Through the self-help available to us we have managed our business tightly and accordingly the board believes that our full year performance will be broadly in line with its expectations," he added.
Morrisons' total sales over the period fell 0.9 percent. It forecast year-end net debt of £2.1 billion to £2.2 billion.
Rival Sainsbury's publishes its third quarter sales on Wednesday, while market leader Tesco publishes Christmas figures on Thursday.
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