Half Year Results 

Morrisons confounds shorters, for now

Morrisons confounds shorters, for now

Morrisons' (MRW) trading figures for the first half would seem to confound the high level of shorting currently levelled on its shares. During the six months to the end of July the supermarket chain strengthened its balance sheet, boosted sales growth and developed its external partnerships. The grocer is delivering against its recovery plan, growing like-for-like sales for seven consecutive quarters. Excluding fuel, comparable sales were up 3 per cent during the period, driven by increased volumes. Like-for-like transactions were up 3.9 per cent, helping push underlying pre-tax profits up 13 per cent to £177m. However, underlying margins were down fractionally at 2.5 per cent.

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