Economy

Further growth for Morrisons

WM Morrisons Supermarkets PLC (LON:MRW) has notched up its eighth consecutive quarter of like-for-like sales growth, but there are signs the supermarket is losing some of the momentum built earlier in the year.

Over the 13 weeks to 29 October, Morrisons' like-for-like sales grew 2.5 per cent, slightly below analysts' expectations of a 2.6 per cent rise.

Mr Potts said that the weak pound boosted food inflation in the period as imports have become more expensive, but that Morrisons' prices were improving compared to those at its rivals.

The group said that it has "worked hard" to limit the impact of the Sterling fluctuation on imported food prices, and is continuing to work towards "becoming more competitive".

Morrisons chief executive David Potts, who is overseeing a turnaround of the business, said: "We are pleased with a further step up in our competitiveness and another period of positive like for like sales growth".

The firm said it was confident it would continue the strong momentum of the year so far, into the key Christmas quarter.

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Total sales were up 2.3 per cent.

The partnership will see the supermarket supply Safeway and branded products to 1,300 convenience shops and 350 newsagents starting from January next year.



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