Morrison recorded a rise in a third quarter (Q3) sales of 5.6%, but slower growth than many analysts expected of around 1.3%, according to its most recent trading update.
Analysts were expecting to see the supermarket chain record sales growth of around 1.8%, which is what the company posted during its first quarter. Sales in the company’s second quarter gained a boost from the summer heatwave in the UK and the FIFA World Cup, the company said.
‘After another period of strong growth, and with more customers enjoying shopping at Morrisons, we have now completed three years of positive like for like,’ Morrisons CEO David Potts said.
‘Our exceptional team of food makers and shopkeepers are providing good quality food at great prices, and building a broader offer in store, online and for our wholesale customers,’ he added.
Driving sales for Christmas
Morrisons continued with its pace of opening new stores, with the company opening its third new supermarket in Acocks Green, Birmingham, and is performing well, the company said.
The supermarket chain continues to roll out new stores under its ‘Fresh Look’ programme, with developments getting a face lift and new branding. Morrisons has refurbished a further 60 stores as it gears up for Christmas.
The company is looking forward to a ‘busy festive period’, with the supermarket already seeing success in terms of sales of its Christmas products.
Morrisons share price has performed relatively well, with it hovering at around 244p, climbing from 204 levels back in late-March.
By comparison its share price has outperformed rival Tesco, but has struggled to gain ground on Sainsbury’s, which will report its half year results on Thursday.