Shares in Morrisons, the UK retailer, slipped by more than 2% this morning (6 May) after the company reported slowing sales in its fiscal first quarter.
The UK’s fourth-largest grocer reported a 0.8% rise in like-for-like sales, excluding fuel, for the 13 weeks to 2 May. Total sales, excluding fuel, increased 5.9%, boosted by new store openings.
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“As expected, commodity prices have continued to ease, resulting in the virtual elimination of food inflation and lower market growth. We are satisfied with our sales performance, which has continued to outpace the market despite facing tough prior year comparative numbers,” Morrisons said.
Morrisons shares were down 1.8% at 273.7p at 09:47 BST this morning.
Click here for the statement from Morrisons and click here for to find out more about the retailer’s plans to expand further across the UK.
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