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.