Advertisement

Morrisons reports disappointing sales

Wm Morrison reported it had missed sales targets in the run up to Christmas as the supermarket's promotions and marketing failed to pull in customers.

Wm Morrison reported it had missed sales targets in the run up to Christmas as the supermarket's promotions and marketing failed to pull in customers.

The retailer said the shaky performance meant full year performance would be "broadly in line with...expectations".

The group, which recently announced it had hired TV presenters Ant and Dec to front its new campaign, put the blame for disappointing sales on ineffective promotions and communication of its 'points of difference'.

Advertisement - Article continues below

It also said it been beaten by rivals' online and convenience stores - areas Morrisons has only recently entered.

On top of this, the economic environment meant consumers were increasingly shopping to a budget and vouchering had become a prominent feature of a highly promotional market, the group added.

In the six weeks to 30th December total sales (excluding fuel) were down by 0.9% down 0.5% when fuel was included.

Like-for-like sales dropped by 2.5% (or 2.2% including fuel).

"In a difficult market our sales performance was lower than anticipated, but we have a strong business and significant opportunities to advance our strategy, as we accelerate our multi-channel offer," said Chief Executive Dalton Philips.

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?
UK Economy

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?

John Stepek runs his eye over the chancellor's £30bn stimulus package and asks if it's enough to get the economy back on its feet after months of lock…
9 Jul 2020
A first-half home run for investment trusts
Sponsored

A first-half home run for investment trusts

The investment trust sector has seen some extraordinary performance in the first half of this year. Max King looks at what's behind it, and asks: is i…
7 Jul 2020