Supermarket chain Morrisons said record numbers of customers had visited its stores in the third quarter, with sales growing ahead of the market.
The company said the economic environment in the three months to the end of October had been challenging but its performance was in line with our expectations and its financial outlook for the year was unchanged.
Total sales excluding fuel were up by 4.6% (7.6% including fuel) and like-for-like sales (which strips out new stores openings) were up 2.4% (5.8% including fuel).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
Morrisons said during the period it opened ten new stores, including its second convenience outlet, and was are on track to meet its target of adding 600,000 sq.ft. of new space during the year.
Earlier this week Sainsbury's said like-for-like sales were up 1.9% in the first six months and it had added 596,000 sq ft of new space.
In October Tesco reported its six month like for like sales figure for the UK, excluding petrol sales, was actually down 0.6%, although total global sales grew by 8.8%.
"The financial position of the group remains strong and we have extended our borrowing facilities through the conclusion of a $250m US private placement agreement over 15 years," Morrisons said.
"Our programme to retire £1bn of equity over the two years to March 2013 continues. To date we have acquired and cancelled 103m shares at a total investment of £300m."
Morrisons also said it had made god progress with its strategic initiatives designed to generate profitable growth, which it categorises as driving its topline, increasing efficiency and capturing new growth opportunities.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
