PHILIP DORGAN | PANMURE GORDON
Christmas trading was slightly below best expectations, although in line with the market. Morrison’s shares were fantastic performers in 2011 and, while we see no real downside, we expect others within the sector to pick up the baton in 2012.
CLIVE BLACK | SHORE CAPITAL
We deem such a performance from Morrison’s to be a little disappointing overall with the company performing in line with rather than out-performing the sector...we note that Asda appears to have had an especially strong festive period...it leads us to suggest that it has competitively impacted its Yorkshire based rival.
RICHARD HUNTER | HARGREAVES LANSDOWN
Given Morrisons’ recent drive in propelling its business at a greater rate than its rivals, expectations had been high. However, the company seems to have fallen foul of the wider economic environment, whilst the update does not bode well for Sainsbury and Tesco, who will be reporting later in the week.