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.
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