DID MORRISON’S FIRST QUARTER FIGURES MEET EXPECTATIONS?
CLIVE BLACK SHORE CAPITAL
This is a disappointing update from Morrison, even if it is against its toughest comparatives for the year. There is no doubt about that to our minds and the performance recorded underscores our concerns about the performance of the group in recent weeks.
PHILIP DORGAN PANMURE GORDON
First quarter sales are at the bottom end of expectations, albeit by around 0.5 per cent… That said, it has a lot to do in order to achieve its 2016 vision…In the meantime, it has a number of self help levers which should sustain profit growth, but our Hold recommendation reflects the relative risk.
RICHARD HUNTER HARGREAVES LANSDOWNE
Like-for-like sales numbers were lower, coming in against strong comparatives from last year. In addition, Morrison’s market share has been inching in the wrong direction according to the latest industry surveys, with its perceived value offerings coming under pressure from discount rivals.