Morrisons stocks drop on sales news

<p>The share price of Morrisons has slipped today.</p>

Shares in Morrisons are down today (January 9th) after the company released new sales data.

Figures unveiled by the company for its latest trading show it had a "disappointing" Christmas period, according to the firm's chief executive Dalton Philips.

The unscheduled update revealed that sales slipped 5.6 per cent over the festive period.

Mr Philips stated that the UK grocery market had been "very tough" in recent months, echoing the sentiments of Tesco's chief executive Philip Clarke, who announced his company's latest sales data earlier today.

The Morrisons head added: "Our convenience business is building towards an operation of scale and the first food deliveries of will be made tomorrow, reaching half of UK households by the end of the year."

Morrisons has found it has lost ground on its rivals as a result of not being able to sell online.

The share price of the company was more than six per cent down at 11:33 GMT, with the stocks continuing to fall.

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