Executive Summary

• The UK’s fourth-largest grocery retailer, Morrisons, reported comps of 2.9% for the nine weeks ended January 1 to comfortably beat 4Q17 consensus of 1.1%. This marked an acceleration from comps of 1.6% in the prior quarter.
• Total sales were up 2% excluding fuel.
• The company attributed the solid performance to an improved offer, more competitive pricing and serving customers better.