Morrisons sales are down, unsurprisingly
Like-for-like sales (excluding fuel) fell 2.9% in the three months to 3rd May, which is a poorer performance than the previous drop, where they was sales falling by 2.6%. This of course, meant that the supermarket's shares took a tumble to the tune of 6% in the early trading.
Of course, any mention of a struggling supermarket isn't complete without pointing at Aldi and Lidl.
You'll know that Sainsbury's also announced that they were having a lousy time of it as well, hamstrung by the value of their properties falling through the floor. Tesco have also announced an annual loss last month.
David Potts, who took over as chief executive from Dalton Philips, said: "My initial impressions from my first seven weeks are of a business eager to listen to customers and improve." One of the things they're doing is to get rid of a load of self-service tills and replace them with human beings.
However, there's no hiding from the fact that Morrisons have closed more stores than they've opened during the quarter, and there's the small matter of 720 people losing their jobs in the company's HQ.
Morrisons said a full assessment is being undertaken, and there's going to be more results to share in September.
TOPICS: High Street News