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Morrisons like for like sales up 3.7 per cent over Xmas

Morrisons like for like sales up 3.7 per cent over Xmas

The UK benchmark index has climbed higher in today's session, finding support in blue-chip retailers as Wm Morrison Supermarkets (LON:MRW) posted better-than-expected Christmas sales. Wholesale sales to other outlets, including the convenience shop chain, McColls, were 0.7% higher.

Tesco lost almost 2 percent after its sales grew 3.1 percent in the 12 weeks to December 31, according to Kantar Worldpanel. Morrison also has a tie-up with Amazon as part of the United States tech giant's foray into online grocery delivery in the UK, so the supermarket has irons in a few fires.

'A 2.8% increase in like-for-like sales, excluding fuel, in the 10 weeks to 7 January represented the ninth straight period of growth and an acceleration on the prior three-month period, as Morrisons focused on providing growth at the right price in its stores, showed solid growth online and benefited from faster growth in wholesale'.

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"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 retailer said it had become more competitive with the price of a basket of key Christmas items the same as a year ago, despite input cost pressures on many commodities.

"The Morrisons update is clearly better than expected", said Mike van Dulken, head of research at Accendo Markets, as quoted by Reuters.

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"Our plans to become a broader and stronger business are progressing well, with another period of positive like-for-like sales and the start of the rolling programme to supply McColl's [the convenience store chain]".

Despite food price inflation running at around 3pc, it claimed it kept the price of "a basket of key Christmas items" the same as a year ago.

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