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".

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

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.

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.