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Morrisons ‘contining to deal with a number of legacy issues’ says analyst

Thursday, November 3, 2016 6:01
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The UK’s fourth largest supermarket Chain Wm Morrison Supermarkets (LON:MRW) has weighed in with better than expected underlying sales figures helped apparently by its biggest ever Halloween. Like for like sales, which don’t include the impact of store openings and closures, rose 1.6% in the 3 months to the end of October. Head of Research at Wilson King Richard Hunter tells Proactive ”We’ve got this strange expression coming out of the supermarkets at the moment that they’re investing in cuts. Like-for-like sales were up 1.6% for the quarter which was better than the expected 1.4% so there’s been a little bit of a pop in the share price this morning”. When asked why rivals such as Sainsbury’s continue to outperform them, Hunter added ”There’s a number of legacy issues Morrisons has been dealing with, not least of which the fact that in comparison it’s got a new and almost untested online offering. There was also a stage at which its costs were starting to balloon.”

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