Morrisons shares subdued on “disappointing” Christmas sales
City Index January 7, 2013 5:45 PM
<p>Morrisons’ share price has been subdued in trading today on account of underwhelming Christmas sales.</p>
Shares in Morrisons are subdued on the London Stock Exchange (LSE) today (January 7th) after the supermarket reported underwhelming sales figures for the run-up to Christmas.
The store reported that in the six weeks to the end of December, like-for-like sales excluding new store openings fell by 2.5 per cent year on year.
"Notwithstanding these difficult market conditions, which we expect to continue through 2013, our sales performance in the period was disappointing," Morrisons stated.
The retailer – which is the fourth-largest of the supermarket chains in the UK – said these results highlight the fact it needs to improve its promotions and explore online shopping, which it does not currently offer.
Morrisons plans to open 70 more convenience outlets by the end of the year and despite this latest report failing to meet expectations, the company still anticipates its full-year results to be in line with prior forecasts.
On the LSE at 11:35 GMT today, Morrisons shares rose by 0.1 per cent to 257.30p per unit.
Find out about major individual shares and spread betting strategies at City Index.