Morrisons share price rises as ‘biggest ever’ Halloween boosts Q3 sales

on Nov 3, 2016
Updated: Oct 21, 2019
Listen

Shares in Wm Morrison Supermarkets (LON:MRW) have climbed more than one percent in London in today’s session, as the FTSE 100 supermarket posted its fourth consecutive quarter of like-for-like sales growth, helped by a strong Halloween performance. The results come after Morrisons recently became the first supermarket to hike the price of Marmite, after the Anglo-Dutch consumer goods company raised its prices on a wide range of products, with the move leading to a standoff with Tesco (LON:TSCO).

As of 09:30 GMT, Morrisons’ share price had gained 1.54 percent to 224.60p, outperforming the FTSE 100 index which is currently 0.33 percent better off at 6,866.52 points. The group’s shares have gained more than 30 percent over the past year, and are up by some 50 percent in the year-to-date.
Morrisons announced in a statement this morning that its like-for-like sales excluding fuel had climbed by 1.6 percent in the 13 weeks to October 30. The company noted that this year’s Halloween had been its ‘biggest ever,’ with sales up about 20 percent year-on-year. The group’s total sales excluding fuel, however, dipped 1.2 percent, reflecting the continuing impact of supermarket closures and the exit of the M local chain.

“Our like-for-like sales have now been positive for a year, which is thanks to the hard work and dedication of the whole Morrisons team,” the company’s chief executive David Potts commented in the statement.
Analysts have welcomed the update, with Neil Wilson at ETX saying that the group was “doing well considering the market environment”.
“With the Unilever-Tesco spat fresh in the memory, Morrisons has got to be careful with how it handles the weaker pound as margins compress further, although overall it’s better placed than most as it sources more from the UK,” he pointed out, as quoted by the BBC.
As of 09:59 GMT, Thursday, 03 November, Wm. Morrison Supermarkets plc share price is 196.65p.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

0/10
Learn more
Food & Beverage Retail Stock Market