Published: Wed, January 10, 2018
Culture&Arts | By Hattie Nash

Morrisons posts better-than-expected Christmas sales

Morrisons posts better-than-expected Christmas sales

The sales numbers were better than analysts' forecast of about 1.7% for the Christmas period.

The festive results, which covered the six weeks to 7 January and encompassed Christmas and New Year, come alongside like for like sales growth for the longer 10-week period, up 2.8 per cent.

The FTSE 100 rose above its closing high today, boosted by retailers which rose on strong Christmas trading at Morrisons.

Morrisons" LFL sales were up 2.3% year-on-year, with sales of the supermarket's "Best' premium range driving volumes - up 25%.

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Morrisons said it kept the price of a basket of key Christmas items the same as a year ago, resisting price hikes for squeezed consumers in the face of surging costs.

Morrisons said its year-end expectations are unchanged.

There was some good news from the High Street this morning as Northern based supermarket chain Morrisons provided a buoyant which saw its like for like sales for the ten weeks to the 7th January excluding fuel up 2.8%.

Online sales were also up more than 10 per cent.

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Tesco (LON:TSCO), however, is bucking the trend with a 0.79-percent dip after the latest industry data from Kantar Worldpanel revealed that Britain's biggest supermarket had continued to lose market share in the 12 weeks to December 31, 2017.

"More and more customers found more things they wanted to buy at competitive prices at Morrisons this Christmas", chief executive David Potts who has led Morrisons turnaround by investing in price cuts.

The McColl's deal - announced in August - is also part of his turnaround efforts and will see the group relaunch the Safeway brand.

Morrisons will start supplying all 1,650 McColl's stores with both Safeway products and national brands will begin this month after successful trials.

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Retail expert Clive Black at Shore Capital said the update proved Morrisons is in "good shape", while Bruno Monteyne at Bernstein said it was a "good start" to the sector's festive updates.

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