Thursday 3rd May 2012, 10:59 London
Like-for-like sales down at Morrisons
UK retailer says results are 'satisfactory' against the backdrop of a challenging environment for consumers
Morrisons has revealed that the opening 13 weeks of the new financial year brought a fall in like-for-like sales of 1 per cent, as the economic environment for the consumer remained challenging with pressure on disposable income.
However, the group said that the quarter had proved 'satisfactory', and noted that it had kept prices low for customers without compromising on quality, as total sales excluding fuel climbed 1.5 per cent year-on-year.
In Morrisons' financial statement, the retailer said that it would continue to focus on the delivery of its previously announced range of strategic and operating initiatives as well as costs, hopefully resulting in continued profitable growth.
Looking ahead, Morrisons expects the uncertain economic background to continue challenging consumers, with the board remaining cautious.
"Our performance in the first quarter was broadly in line with our expectations and our financial outlook for the year remains unchanged."