Morrisons share price: Q1 sales fall amid supermarket closures

Wm Morrison Supermarkets (LON:MRW) has updated investors on its first-quarter performance this morning, revealing a drop in total sales.

**Highlights from the company statement**
In the 13 weeks to 1 May, like-for-like* (LFL) sales excluding fuel were up 0.7% (up 1.2% including fuel). Total sales* excluding fuel were down 1.8% (down 0.9% including fuel), reflecting the impact of supermarket closures and exit of the M local chain. Online contributed 1.0% to LFL during the period. Fuel LFL was positive despite deflation of almost 11%.

David Potts, Chief Executive, said:
“We are encouraged by progress across our six priorities. There is still much to do and our colleagues are working very hard to improve the shopping trip and save customers every penny we can. Customers are responding and satisfaction levels remain ahead of last year. We are of course pleased with a second consecutive quarter of positive LFL sales, which demonstrates our aim to stabilise trade is taking effect.”
Outlook
We will continue to invest in improving the shopping trip for customers. We expect continued deflation and sustained improvement in customer satisfaction. Growing LFL volume remains a key priority for every member of the Morrisons team.
**More to follow…**
As of 07:11 BST, Thursday, 05 May, Wm. Morrison Supermarkets plc share price is 187.50p.