Family-run Morrisons today posted half year profits in line with recent market forecasts.
The retailer reported better sales growth of 9.6 per cent in the first five weeks of the six month period than market leader Tesco.
Pre-tax profits also grew by 10.2 per cent up to £126.2 million and turnover was up 14.9 per cent for the 27 weeks ended August 10. Executive chairman Ken Morrison said competition is fierce.
"I feel that tough market conditions will prevail as the first signs of inflation in food prices set in after a long period of deflation, and consumers may have to tighten their belts as their borrowings increase," said Morrison.
But the company has denied rumours that it might join forces with Wal-Mart owned Asda in any bid for Safeway stressing that it is determined to go it alone in any bid.
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