UK: Morrisons Beats Q3 Forecasts, Set To buy Some Co-op Stores
Britain's fourth-biggest grocer, Wm Morrison, announced Thursday that it had beat third quarter sales forecasts. The company said sales at shops open at least a year, excluding fuel, rose 8.1 percent in the 13 weeks to Nov. 2. Analysts had been predicting growth of 7.1%.
The company also announced that it had agreed to buy 38 stores from the Co-operative Group for 223 million pounds.
Shares in Morrisons were up 3 points (1.2%) at 253.50 in early trade on the FTSE.
Tesco, Britain's biggest grocer, on Tuesday reported a 2.0 percent rise in like-for-like sales excluding fuel for the 13 weeks to Nov. 22. Number two Asda, owned by U.S. group Wal-Mart, posted a 6.9 percent increase for the three months ended Sept. 30, while number three J. Sainsbury reported a 4.3 percent rise for the 16 weeks to Oct. 4.
The company also announced that it had agreed to buy 38 stores from the Co-operative Group for 223 million pounds.
Shares in Morrisons were up 3 points (1.2%) at 253.50 in early trade on the FTSE.
Tesco, Britain's biggest grocer, on Tuesday reported a 2.0 percent rise in like-for-like sales excluding fuel for the 13 weeks to Nov. 22. Number two Asda, owned by U.S. group Wal-Mart, posted a 6.9 percent increase for the three months ended Sept. 30, while number three J. Sainsbury reported a 4.3 percent rise for the 16 weeks to Oct. 4.
