Analysts will be watching Morrisons’ Christmas trading results carefully when they are announced today.
Investors are likely to focus on the group’s newly converted Safeway stores and at the least will be looking for evidence that revenues across the portfolio have stabilised.
The retailer converted 56 stores before the Christmas trading period and analysts are expecting the group to maintain the 12.5 per cent like for like sales growth rate in those conversions.
Within the unchanged Safeway stores, however, things are expected to remain grim, with analysts predicting a 10 per cent fall in sales.
On the existing Morrisons estate, investors will be looking for sales growth of around five to seven per cent.
