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Morrisons suffers 6.3% sales drop

Morrisons suffers 6.3% sales drop

Thursday 06 November 2014

Morrisons suffers 6.3% sales drop

Thursday 06 November 2014

Supermarket chain Morrisons has revealed another big drop in sales as it grapples with an "intense" period of competition in the sector.

The Bradford-based business admitted its recovery will take time after it posted a 6.3% drop in like-for-like sales in the 13 weeks to November 2.

The figure was better than the 7.4% fall reported for the previous six months, while chief executive Dalton Philips said he was encouraged by the progress of initiatives designed to help the chain recapture market share.

As part of a wider plan announced in March to invest £1 billion in price cuts over three years, the c ompany recently launched a new loyalty card scheme which promises to match prices at discounters Aldi and Lidl. There have been signs that the strategy is starting to pay off after closely watched data from Kantar Worldpanel pointed to an improved sales trend.

Mr Philips said today: "Morrisons is meeting the challenges created by a period of intense industry competition and structural change with quick and decisive action."

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