Morrisons posts two years of quarterly sales growth

 (Reuters) - Morrisons, Britain’s fourth largest supermarket group, on Thursday reported another rise in quarterly sales, its eighth straight quarter of underlying growth, though its rate of growth slowed a little.
FILE PHOTO: Shopping trolleys are seen outside of a branch of the food retailer Morrisons in west London, Britain, January 7, 2017. REUTERS/Toby Melville/File Photo
The grocer said like-for-like sales, excluding fuel, rose 2.5 percent in the 13 weeks to Oct. 29, its fiscal third quarter.
That compared to analysts’ forecasts of 2.1-3.1 percent and growth in the previous quarter of 2.6 percent.
Morrisons’ like-for-like sales have now been positive for two straight years as the management team led by Chief Executive David Potts has delivered a revival.
Morrisons, based in Bradford, northern England, is turning around the performance of its more than 500 UK stores while also pursuing online and wholesale markets.
The grocer, trails Tesco, Sainsbury‘s, and Asda in market share. However, according to industry data it is currently the fastest growing of Britain’s “big four” supermarkets.
“I am confident our plans to keep serving customers better will enable us to continue the strong momentum of the year so far, into the important fourth quarter,” said Potts.
Prior to Thursday’s update analysts’ average forecast for full year underlying pretax profit was 371 million pounds , up from 337 million pounds in 2016-17.
Morrisons posts two years of quarterly sales growth Morrisons posts two years of quarterly sales growth Reviewed by Alexander Von Stern on 02:28:00 Rating: 5