7th Nov 2013 07:24
BRADFORD (Alliance News) - Food and grocery retailer Wm. Morrison Supermarkets PLC said that its third-quarter performance was in line with its expectations.
In the quarter to 3 November 2013, total store sales excluding fuel were up by 1.0% (up 0.1% including fuel) with like for like sales down 2.4%, (down 3.0% including fuel). The sales excluded VAT and reported in accordance with IFRIC 13.
"Consumer confidence remains subdued and we continue to see heavy promotional activity across the industry. As previously indicated, our low exposure to the sector's key growth areas of convenience and online continues to impact the sales performance of the Group," the company said.
The company noted that it expects the market to remain challenging for the remainder of the year and continue to manage the business tightly. It said its performance in the third quarter was in line with its expectations and accordingly its financial outlook for the full year remains unchanged.
Copyright RTT News/dpa-AFX
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