The continued sales growth seen at Morrisons, the UK’s fourth-largest grocer, has been hailed as “impressive” by a leading industry analyst.
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Earlier today (4 June), Morrisons posted robust quarterly sales figures, with like-for-like sales excluding fuel up 8.2% for the 13 weeks to 3 May.
Morrisons saw like-for-like sales climb 7% during the first quarter of its previous fiscal year.
Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said Morrisons “seems well-placed” to weather the downturn.
“Given the competition, the rise in sales is a very impressive number and proof that Morrisons has been outstripping its three larger rivals in terms of growth,” Hunter said.
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By GlobalData“The company has chosen to play safe and leave its full-year forecast unchanged, although its strategy of courting customers towards its value range is clearly benefiting performance. Its recent Co-op acquisition will also add to its presence across the UK, and the company seems well-placed to weather the current economic storm.”
