Morrisons shows its wares to the City
SUPERMARKET group Morrisons will be highlighting the benefits of its rebrand and investment in its stores today when chief executive Marc Bolland takes City investors and analysts on a tour of two of its Yorkshire shops.
Mr Bolland and finance director Richard Pennycook will host the site visits to the Bradford-based group's stores in Doncaster and York.
Morrisons enjoyed a 9.5% rise in sales in the six weeks to January 6, excluding fuel, which was the best festive performance in the supermarket sector and well ahead of market leader Tesco which saw a 3.1% rise in sales during the period while number two player Sainsbury's saw a 3.7% increase in sales in the 12 weeks to December 29.
The group said that “no material new information will be disclosed during the visit, nor will there be any further statement on current trading”.
Meanwhile Morrisons has refused to comment over claims it is to sue the Office of Fair Trading over it being named in an investigation into the price-fixing of milk.
It is believed to be lodging a libel suit accusing the OFT of damaging its reputation by naming it in a list of firms provisionally found guilty of colluding to increase dairy prices.
Morrisons has always denied the price-fixing allegations.
The company is announcing its full-year financial results on March 13 when chairman Sir Ken Morrison will step down after more than half a century at the helm.
