A seven per cent like-for-like decline is as bad a statement as we can recall. Morrisons is suffering from its own specific problems and from structural issues...If like-for-like sales do not improve soon, we could be facing another profit warning or downgrade. Things could get worse.
MIKE DENNIS | CANTOR FITZGERALD
Morrisons’ like-for-like sales...were below consensus and bottom of the range. If Morrisons are aiming for flat like-for-like sales growth for the year then their May, post-Easter, price cuts on 1,200 lines will need to show a significant improvement in like-for-like sales growth in the second quarter, in our view.
JAMES GRZINIC | JEFFERIES
Morrisons confirmed a tough first quarter, broadly in line with our expectations and consistent with the £325m-£375m full-year profit range. Customers’ first reaction to last week’s price resets is said to have been very positive and investors will be keen for further reassurance of seamless execution on such a major move.