Reporting a twelfth consecutive quarter of rising sales didn’t have quite the effect that Wm Morrison might have expected yesterday.
Shares in the Bradford-based supermarkets chain fell by 5% in early trading yesterday and closed 10p, or 3.9%, down at 244½p despite it reporting like-for-like retail sales growth of 1.3% in the third quarter. The figures were marginally short of City expectations.
David Potts, chief executive, said that he was pleased with like-for-like retail sales growth of 1.3% in the third quarter, especially as it came after an exceptional second quarter boosted by hot weather, the royal wedding and England’s performance in football’s World Cup.
The grocer’s store refit programme is continuing, with a further 60 stores improved in time for Christmas.
