Morrison - Is this good enough?

Tuesday, 6th November 2018 10:12 - by Rajan Dhall

Morrison Supermarkets today released their Q3 trading statement. Here are some of the highlights:

• For the 13 weeks to 4 November, Group like-for-like (LFL) sales excluding fuel were up 5.6%
• Group LFL including fuel was up 6.0%
• Retail LFL sales growth eased slightly quarter on quarter without the impact of the favourable weather and World Cup which benefitted Q2. 
• Total sales were up 6.0% excluding fuel (6.4% including fuel).

David Potts, Chief Executive, commented "After another period of strong growth, and with more customers enjoying shopping at Morrisons, we have now completed three years of positive like for like.''

It would be interesting to see if traders look to the slowing growth favourably. Of course, the last quarter's earnings were impacted by the world cup, but in this kind of market environment traders and investors expect soo much and an improvement quarter on quarter. looking at the levels on the chart higher up the only level that stands out is the 270p high. Below 241p held twice in the past and the rising trendline increases the importance. Also, recently 244p has supported price well with the bottom of the consolidation holding 3 times between Oct and Nov. 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.