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| Morrisons reports 'solid start' despite sales fall | Morrisons reports 'solid start' despite sales fall |
| (35 minutes later) | |
| Morrisons, the UK's fourth largest supermarket chain, has reported a fall in underlying sales for the first quarter of its financial year. | Morrisons, the UK's fourth largest supermarket chain, has reported a fall in underlying sales for the first quarter of its financial year. |
| Like-for-like sales, which strip out the effect of new store openings, excluding fuel fell 1.8% in the 13 weeks to 5 May, | Like-for-like sales, which strip out the effect of new store openings, excluding fuel fell 1.8% in the 13 weeks to 5 May, |
| However, total sales excluding fuel were up by 0.6%. | However, total sales excluding fuel were up by 0.6%. |
| Morrisons said the results represented a "solid start" and "a steady improvement from the previous quarter". | |
| Chief executive Dalton Philips said the horsemeat scandal had "helped drive increasing customer recognition of Morrisons' unique supply chain and approach to meat sourcing". | Chief executive Dalton Philips said the horsemeat scandal had "helped drive increasing customer recognition of Morrisons' unique supply chain and approach to meat sourcing". |
| "They now understand that Morrisons is best placed to sell food that is what it says it is," he said. | "They now understand that Morrisons is best placed to sell food that is what it says it is," he said. |
| The company said it was on track to meet its target of having 100 convenience stores open by the end of the year. | The company said it was on track to meet its target of having 100 convenience stores open by the end of the year. |
| Morrisons also intends to launch an online offering before the end of 2013. It said it was still in talks with internet grocer Ocado about a possible tie-up. | |
| At present, Morrisons is the only one of the "big four" supermarkets not to sell food online. | |
| On Wednesday, Sainsbury's reported that about of half of its sales growth had come from online and convenience stores. | On Wednesday, Sainsbury's reported that about of half of its sales growth had come from online and convenience stores. |
| In March, Morrisons reported a 7.2% fall in pre-tax profits to £879m for the year to 3 February - its first drop in full-year profits for six years. | In March, Morrisons reported a 7.2% fall in pre-tax profits to £879m for the year to 3 February - its first drop in full-year profits for six years. |