Morrisons reports slower growth in Q1

| May 6, 2010
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Supermarket giant Morrisons has today reported same store sales rose by 0.8% in the 13 weeks to 2 May, much lower than the 6% growth reported in the year to January 31.

Despite the slower sales growth, the Bradford-based retailer said it is outperforming its competitors and industry data shows it remains the fastest-growing of Britain’s top four supermarkets.

However, the group, like many other retailers, warned that the economic environment continued to be “challenging”.

Its cautious statement comes as many other retailers warn of slow consumer spending after the General Election as the new Government embarks on cutting the UKa��s budget deficit.

Morrisons, which is Britain’s No.4 grocer with over 400 stores, said: “We are satisfied with our sales performance, which has continued to outpace the market despite facing tough prior year comparative numbers.”

It added: “Although we remain cautious on the economic environment and consumer spending, our expectations for the current year remain unchanged.”

The supermarket recently appointed Dalton Philips as its new chief executive. He replaced Marc Bolland who left the company at the end of last year.

Morrison shares closed at 278.8p yesterday, valuing the company at approximately A?7.4 billion.

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