Morrisons beats the market for 4th consecutive Christmas
Wm Morrison Supermarkets PLC reports a pre close update ahead of its financial year end on 31 January 2010.
The Group traded well through the Christmas period, continuing the strong momentum already reported. The contribution from new space opened this financial year and good like for like performance has again enabled the business to outperform the market. We were pleased to serve a record number of customers over the Christmas period.
In the 6 weeks to 3 January total sales* excluding fuel were up by 11.2% (10.8% including fuel). Like for like sales* grew by 6.5% (6.8% including fuel) building further on the strong like for like growth reported in the previous three years.
As expected, commodity prices have continued to decline leading to an elimination of retail price inflation for the consumer. In this environment our fresh and value credentials, supported by an exciting range of innovative promotional offers, have proved very attractive to our customers.
Store standards and product availability were high across our 422 stores throughout the period. In the immediate run-up to Christmas, when weather conditions were challenging in many parts of the country, our staff responded with great determination and commitment to ensure our customers received the shopping experience they have come to expect. We thank them all for delivering an outstanding Christmas.
Our Christmas trading confirms that our strategy is delivering for our customers and shareholders.
The Board’s expectations for the full year remain unchanged.
Looking further ahead we remain cautious on the outlook for consumer spending and we expect the market to remain challenging. In this environment we believe Morrisons value credentials will serve us and our customers well.
Commentating on Morrisons Christmas trading, Chairman Sir Ian Gibson said;
“Morrisons has had another strong Christmas. Once again our distinctive offer, eye-catching promotions and relentless focus on our core strengths of fresh food and great value combined to help customers have a great Christmas. This has enabled Morrisons to finish the year strongly and although we remain cautious on the economic environment and consumer spending, we look forward to further progress in the coming year.”
*exc. VAT and reported in accordance with IFRIC 13
Sales including VAT
Exc. fuel Inc. fuel
Total 11.2% 10.7%
Like for like 6.5% 6.7%
Morrisons Christmas trading history
Year 2006/7 2007/8 2008/9 2009/10
Like for like sales; exc.fuel, inc.VAT 6.3% 9.5% 8.2% 6.5%
Morrisons will report its preliminary results for the year on 11th March 2010.