Morrisons Q2 sales fall as interims rise 5.3%
By Frank Prenesti
Date: Thursday 12 Sep 2019
(Sharecast News) - Supermarket retailer Morrisons reported a fall in second quarter like-for-like sales as it posted a 5.3% rise in interim profit on Thursday.
Like-for-like sales, excluding fuel and sales tax, fell 1.9% in the second quarter, compared with a 2.3% increase in the first quarter reflecting strong comparatives from last year as the hot summer and men's football world cup provided momentum.
Pre-tax profit before exceptional items rose to £198m compared with £188m a year ago.
Chief executive David Potts said this year's summer weather "was largely unfavourable and there were no similar events to boost sales".
"Consumer confidence also continued to be weak, again affecting customer behaviour. In this more testing period, our profit performance was robust, free cash flow generation remained strong, and we were satisfied with our relative LFL performance," he said.
However, Potts said he expected like-for-like sales to improve in the second half "and for various additional cost saving opportunities".
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