Pressure on spending begins to tell at Morrisons

published 6 September 2012

Supermarket chain Morrisons saw like-for-like (LFL) sales decline in the first half of its financial year, which the group attributed to sustained pressure on consumer spending.

LFL sales, excluding fuel and VAT, were down 0.9% in the half-year to July 29th from the corresponding period of last year, when LFL sales were up 2.2%.

Underlying profit before tax was up 1% to £445m from £442m the year before on turnover that climbed 2.3% to £8.9bn from £8.7bn. Statutory profit before tax slipped to £440m from £449mm.