UK supermarket chain Morrisons slashes prices amid fierce competition

UK supermarket chain, Morrisons has announced it is slashing prices of 900 of its products, ahead of Christmas sales results

One of the UK’s top four supermarket chains, Morrisons has announced it is reducing prices of over 900 of its products, ahead of this week’s Christmas sales results.

Morrisons announced on Monday it would cut 20% off store products in a bid to catch upto its competitors.

Analysts have predicted Christmas sales results this week will show supermarket German chains, Aldi and Lidl on top, after the supermarkets slashed prices over the Christmas period.

Morrisons said it would cut an average of 20% off 935 products, including everyday items and cupboard staples such as tinned tomatoes, cereals, ready meals, and multivitamins.

The northern England supermarket said the price reductions would be held for a minimum of 12 weeks.

Morrisons marketing director, Andy Atkinson said: ‘We’re listening to customers who are telling us that their budgets will be stretched in January, so we are cutting every penny we can on the essentials that will help them feed their families.'

Morrisons shares trading slightly lower

This week will be a big week for retailers with Sainsbury’s expected to give an update on Christmas sales on Wednesday, followed by Tesco on Thursday.

Morrisons will give its update on Christmas sales on Tuesday, with analysts only predicting a slight rise in retail sales.

Morrison WM Supermarkets share price fell 0.35% on Monday at time of writing, with its last close at £214.95.

Aldi sales growth predicted to continue

Aldi reported retail sales increased by 16.8% in Christmas 2017, and analysts predict the growth in this year's sales could continue.

Aldi vowed in Ocotber last year it would slash prices further than its competitors ahead of the highly competitive Christmas holiday period.

Aldi has become the UK’s fifth biggest supermarket chain with 775 stores across the UK and Ireland, with a 7.6% market share.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

European Central Bank meeting

Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement on 24 October 2019.

  • How might the next meeting affect the markets?
  • What are the key rate decisions to watch?
  • Why is the Governing Council announcement important for traders?

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Updated
Change

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.