Morison’s best ever Halloween trading performance helped the group to a fourth consecutive quarter of like-for-like (LFL) sales growth. The shares were up 1% this morning.
George Salmon, Equity Analyst at Hargreaves Lansdown:
"After a tough few years, things are starting to look up at Morrison. The British Retail Consortium say that food sales just had their strongest quarter since 2013, and another quarter of like-for-like sales growth at Morrison makes it four in a row.
Morrison’s strong balance sheet has given them the power to invest in improving its shops and lowering prices, and so far customers are responding well. Transaction numbers show good momentum, and record seasonal sales mean that the Halloween proved to be of a treat.
This certainly bodes well for Morrison, but, with the other main supermarkets raising their games too, the festive period will prove to be the real test."
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