7th May 2015
Troubled supermarket group Morrisons has reported that like-for-like sales tumbled 2.9% in the three months to 3 May.
It marks a poorer performance on the previous quarter when sales dropped 2.6%.
Following Thursday’s announcement, shares in the group had slipped by almost 1.5%, or 2.68p to 177p by 8:19am.
Back in March, Morrisons announced that its underlying full-year profits had more than halved to £345m, representing its poorest results in eight years.
However the business now anticipates that underlying profit before tax will be higher in the second half of the year than the first.
The latest market update from the FTSE 100 listed retailer marks the first since David Potts took over as chief executive officer in March.
He said that the businesses priorities are to “improve the customers’ shopping trip and make our core supermarkets strong again”.
Potts added: “My initial impressions from my first seven weeks are of a business eager to listen to customers and improve. I have been very pleased by the desire and support of colleagues, and by the genuine warmth and affection for Morrisons shared by both colleagues and customers.
“This is a business with many attributes, some unique. Our task is to use those advantages to improve the shopping trip for customers and create value.”
In April, supermarket group announced it was to cut 720 roles at its Bradford head office, where the number of people employed has increased by 50% since 2008.