Morrisons reports sales decline
Thursday 03 May 2012
Supermarket group Morrisons posted its first decline in sales in
nearly a decade today after it refused to square up to rivals with
promotions "at any cost".
The UK's fourth biggest grocer, which has 455 stores in the UK, saw same-store sales excluding fuel and VAT decline 1% in the 13 weeks to April 29, compared to 1.8% growth in the whole of last year. City analysts had expected a marginal rise in sales.
Morrisons has not recorded a drop in like-for-like sales since its difficult acquisition of Safeway in 2004, which led to a series of profit warnings.
The group, which saw its market share dip to 11.9% in the 12 weeks to April 15, from 12.1% in the previous year, said the high cost of oil and other commodities continued to hit households.
But chief executive Dalton Philips said the grocer was not prepared to "pursue small market share gains at any costs" as rivals roll out discounts and special offers.
However, Morrisons, which recorded a better-than-expected 8% rise in underlying pre-tax profits to £935 million last year, said its outlook for the year was unchanged.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
Much-loved cartoon character returns - without Sir David Jason
Actress to appear in second series of the hugely popular crime drama
- 2 Scottish independence: Five reasons Salmond is secretly hoping for a 'No' vote
- 3 Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
- 4 Scottish independence: Andy Murray backs Yes campaign in eleventh hour decision
- 5 Have you heard about the film Singapore has banned its people from watching? Well, you have now
Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
Scottish independence referendum live: Latest news as Scotland votes Yes or No
Scottish independence: Final opinion polls show undecided voters could swing result either way
Scottish independence: Almost half of No voters have felt 'personally threatened' by the Yes campaign
Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence referendum: A nation divided against itself
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...