Results ahead of expectations
Supermarket group Morrisons revealed like-for-like sales up 6.3 per cent excluding fuel for the six weeks to January 7 and celebrated record sales in the week to Christmas. Like-for-like sales including fuel rose 6 per cent. Total sales rose 5.2 per cent.

In the 49 weeks to January 7, sales excluding fuel were up 0.4 per cent and 2 per cent including fuel. Like-for-like sales climbed 5.4 per cent excluding fuel for the same period.

The retailer said the performance is slightly ahead of expectations. However, the supermarket group is still in the early stages of profit recovery and the trading environment remains competitive.

Carry-over of stock post-Christmas was well controlled, resulting in waste and mark downs in the week following Christmas being 20 per cent better than last year.