Morrisons shares drop despite good trading

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Morrisons shares drop despite good trading
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The price of shares in supermarket chain Morrisons (LON:MRW) fell by 3.81% to 211.29p (as of 10:45 GMT) despite the firm reporting that non-fuel like-for-like sales for the nine weeks ended 6th January were up by 3.6%. The company said that customer satisfaction rose significantly during the period, but tough price competition in the sector meant that the average basket price this Christmas was the same as a year earlier.

Chief executive David Potts commented: “This is Morrisons fourth consecutive Christmas of like for like sales growth during the turnaround. Our performance shows colleagues are listening hard and responding to customers, providing consistently great value and good quality when it matters most. I would once again like to thank the whole Morrisons team for what they continue to do for our customers.

“Morrisons is well set to keep improving the shopping trip and become more and more relevant for more customers.

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