Morrisons Sees Sales Drop Over Christmas

Morrisons has revealed a "disappointing" Christmas period, with like-for-like sales (excluding fuel) down 2.5% in the six weeks to December 30.

The supermarket chain appears to have been the big loser in the so-called supermarket war during the run-up to the festive period.

The company admitted it was "disappointing".

Morrisons said it placed renewed emphasis on altering its broader strategy.

These may include greater online offerings and opening of smaller convenience stores.

Investment bank Jefferies International said it now believes Morrisons is a buy target in the coming months.

"The major challenges which have become more visible in recent months - namely the lack of exposure to convenience and online - continue to impact trading form," Jefferies said in a statement.

Consumers are increasingly turning towards 'click and collect' online shopping, and for those living in built up areas convenience stores have become the outlet of choice.

Dalton Philips, Morrisons' chief executive officer, admitted the firm's festive sales performance was "lower than anticipated".

He said: "Our 130,000 colleagues have done an outstanding job serving our customers great value food this Christmas and I would like to thank them for their dedication and hard work.

"In a difficult market, our sales performance was lower than anticipated, but we have a strong business and significant opportunities to advance our strategy, as we accelerate our multi-channel offer," he added.

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