Morrisons shares fall as sales results disappoint

<p>Morrisons shares have depreciated as the supermarket reports disappointing sales.</p>

Shares in Morrisons have slipped on the London Stock Exchange today as the supermarket's sales disappointed for the three months to the end of October.

Like-for-like sales – which do not take into account the effect of new store openings – fell by 2.1 per cent over this period of time.

Total sales excluding fuel dropped by 0.4 per cent in the three-month period, but rose by 0.2 per cent when petrol and diesel purchases were included.

According to the supermarket – which is the fourth-largest in the UK behind Tesco, Sainsbury's and Asda – blamed "fragile" consumer confidence and the "challenging" trading environment.

Despite this underwhelming report, the chain claims it is still on target for meeting its full-year result expectations.

Earlier this week, Marks and Spencer announced pre-tax profits for the third quarter were down by 9.7 per cent to £290 million.

At 11:55 GMT today (November 8th), Morrisons shares retreated by 0.5 per cent on the London Stock Exchange to 266.20p.

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