While many Britons have gone into 2017 worried about predicted inflation and the struggling pound, it seems families were determined to treat themselves at Christmas. Supermarket Morrisons has announced that it experienced its best Christmas sales figures in seven years as consumers snapped up festive foods and treats.
Morrisons announced that like for like sales were up by 2.9 per cent, excluding VAT and fuel and the supermarket has now increased its profit predictions for the full financial year as a result of the strong festive sales.
The supermarket, which is based in Bradford, said its premium Best range sold particularly well over Christmas as consumers decided to treat themselves and their families by purchasing better quality products than they would during their usual weekly shop. Alcohol, including beer, spirits and wine, enjoyed strong performances, as would be expected during Christmas. However, shoppers were also determined to stay healthy over he festive season, with sales of fruit and vegetables also up. The supermarket’s own brand Nutmeg clothing range also sold well.
Shares in Morrisons have now risen by 10.25p up to 247.65. Those who bought shares in Morrisons last year, when they were 150p have seen a strong return on their investment. Investors will now be keeping a close eye on Morrisons’ competitors, including Tesco and Sainsbury’s to see whether their figures paint a similar financial picture.
Morrisons’ CEO David Potts said Morrisons made sure more tills were open over Christmas, that it stocked more of what customers wanted to buy, and that availability was improved. It has been a major turnaround for Morrisons, which was seen as struggling at the start of last year, and Mr Potts said this was down to staff at the firm.
It is the first of Britain’s so called Big Four supermarkets to report results for the Christmas season.