Morrisons sees record visitors in Q3

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).

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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.