Morrisons up as it reiterates guidance

Shares in FTSE 100 supermarket chain Morrisons (LON:MRW) rose by 2.03% to 196.35p (as of 12:25 GMT) as it posted an update for the 22 weeks ended 5th January. Management said that the wholesale arm had seen increased sales with most of its clients but performance had been dragged down by McColl’s. The company said that full-year results would be in line with expectations.

CEO David Potts commented: “It was encouraging that during an unusually challenging period for sales, our execution was strong and our profitability robust, demonstrating the broad-based progress we have made during the turnaround. This was again down to the hard work of Morrisons exceptional team of food makers and shopkeepers. As always, we will take some learnings into the new year, and look forward to 2020 with a strong plan and solid foundations on which to continue to grow“.