Morrison sluggish as hard times bite

first_img WM MORRISON supermarkets said yesterday it expected shoppers to remain under pressure into the second half of next year, as it met forecasts with a 1.3 per cent rise in third-quarter underlying sales.However, the fourth-biggest grocer played down fears of a surge in food prices, saying it did not see big inflationary pressures and consumers were offsetting the impact of rising prices by buying more goods on promotion.Britain’s retailers are worried that tax hikes and public spending cuts aimed at reducing government borrowing could hit spending in the coming months, and that they might struggle to pass on rising input prices to cash-strapped shoppers.“We think through until really the second half of 2011, people will be very focused on value,” finance director Richard Pennycook said.Morrison’s, which runs over 430 stores and, unlike major rivals, produces much of the food it sells, said sales at stores open over a year rose 1.3 per cent, excluding petrol and VAT sales tax, in the 13 weeks to 31 October – its fiscal third quarter.That was up from one per cent in the second quarter, helped by a small increase in food prices, and compares with analysts’ average forecast of 1.4 per cent in a Reuters poll of 11.“We had hoped for a bit more than that … Morrison’s will need to do better in the key fourth quarter to meet our second-half forecast of over two per cent like-for-like sales growth,” said Arden Partners analyst Nick Bubb. Morrison is locked in a battle for market share with rivals including Tesco and Asda. whatsapp KCS-content Share More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com Show Comments ▼ Thursday 4 November 2010 10:54 pmcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Morrison sluggish as hard times bite Tags: NULLlast_img

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