The continued sales growth seen at Morrisons, the UK’s fourth-largest grocer, has been hailed as “impressive” by a leading industry analyst.
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.
“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.”