Morrisons has announced “an encouraging start” to its new financial year with sales growth continuing ahead of the market in a statement issued with its first-quarter figures for the 12 weeks to 1 May 2011.
“As anticipated the economic backdrop remains challenging,” the retailer said in its statement. “The high price of oil, together with increases in other commodity prices, has further compounded the existing pressures on consumers’ disposable incomes.”
Highlights have been the store’s Fuel Britannia and its Let’s Celebrate campaigns for Easter and the Royal Wedding, which it claims attracted record numbers to its stores. Its Biggest Ever Price Crunch promotion in January also boosted performance.
Total sales excluding fuel were up by 4.2 per cent and like for like sales grew by 2.5 per cent.
The Yorkshire retailer announced a programme to retire £1 billion of equity over the next two years and so far has acquired 24.7 million shares at a total investment of £68.7m.
“We remain focused on managing our costs tightly and generating profitable growth through the delivery of the operating and strategic initiatives that we outlined in March,” a spokesperson said. “These are all on track.”
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