UK retailer Morrisons has revealed that like-for-like sales through the first quarter of the fiscal year improved slightly by 0.8 per cent, down on the 4.8 per cent growth seen through the previous three months as the new financial year brought an 'anticipated slowdown in the market'.
The 13 weeks to 2 May saw total sales excluding VAT and fuel climb by 5.9 per cent, with Morrisons' net debt position remaining in line with expectations.
'In a challenging environment for the consumer we have continued to invest for the benefit of our customers,' the group said in an interim management statement. 'Our keen pricing, supported by eye-catching and innovative promotional offers, has again proved successful as consumers have continued to search for value. We welcomed record numbers of customers into our stores, confirming the continuing appeal of Morrisons as the Food Specialist for Everyone.'
The group acknowledged in the statement that commodity prices had 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.'
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