Morrison makes it a year of consecutive LFL growth
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."
NOTES TO EDITORS
Globelynx and ISDN ready
Hargreaves Lansdown is equipped with a live in-house broadcast camera via the Globelynx network and has an ISDN line available for radio interviews - 0117 934 9006. To arrange an interview with a Hargreaves Lansdown spokesperson please contact the person you wish to speak to directly using the contact details above, or call Globelynx on 0207 963 7060 or email email@example.com.