Morrisons announced third quarter (Q3) results for the 13 weeks ended 2 November 2014.
- Sales decreased 3.6% year-on-year (y-o-y) excluding fuel.
- Including fuel sales decreased5.6%
- Like-for-Like (LFL) sales excluding fuel decreased 6.3%.
- Including fuel LFL sales decreased 8.0%.
- Online contribution to LFL sales was 0.7%.
- Items per Basket decreased 2.4%.
- During Q3, the retailer opened 12 M Local convenience stores and three supermarkets. The retailer also extended its online delivery service in Greater Manchester and plans to launch in Merseyside in the near term.
FY 2014 Guidance:
The retailer expects:
- Net debt to range from GBP2.3 billion to GBP2.4 billion;
- Lower profit before tax between GBP335 million to GBP365 million.
- Targets 60-70 new M Local stores in FY 2014.