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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Wm Morrison Supermarkets PLC    MRW   GB0006043169

WM MORRISON SUPERMARKETS PLC

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Tesco outstrips retail rivals with Christmas sales rise

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01/09/2020 | 05:48am EST
Signage is seen outside a Tesco extra superstore near Manchester

Tesco, Britain's biggest supermarket group, rode out a "subdued" Christmas to lift UK sales by 0.1%, enough to beat its main rivals amid the toughest high street conditions in years.

Chief Executive Dave Lewis said Tesco's UK stores delivered the best operational performance of his five-year tenure.

"That combination of a compelling offer delivered brilliantly well and helped us to outperform the market even against a challenging backdrop," he told reporters on Thursday.

Tesco sold more food on Dec. 23 than on any other day in its 100-year-old history, Lewis said, with 890,000 customers served in a single peak hour of trading.

Britain's biggest supermarkets - Tesco, Sainsbury's, Walmart owned Asda and Morrisons - recorded the lowest sales growth over the Christmas trading period for five years, industry data has shown.

Shoppers have been cautious in 2019 as wage growth slowed and political uncertainty gripped the country.

A resounding election victory for Boris Johnson in December broke the deadlock, but it did not release any pent-up demand, Lewis said.

Tesco, which has a 27.4% share of Britain's grocery market, also updated on trading in the third quarter period before Christmas, when life-for-like sales fell by 0.4%, before customers returned to stores for Christmas.

Shares in Tesco were trading up 2% at 1000 GMT, as analysts at Jefferies said the return to like-for-like sales growth was an encouraging sign of sustainable progress in the UK.

"The peak Christmas trading period in the UK has been a bit of a slog for the major grocers," Shore Capital said, adding that Tesco had "given a solid report".

The retailer said it performed well in fresh food and had seen a very positive reaction to its new Clubcard Plus loyalty scheme, which entitles shoppers to discounts in return for a 7.99 pound monthly subscription.

Tesco's fifth consecutive Christmas of growth sets it up for the year ahead, when Lewis will step down after he revitalised the retailer since taking over in 2014.

He will be replaced by Ken Murphy, a former executive at healthcare group Walgreens Boots Alliance.

Tesco said in December it had received interest in its businesses in Thailand and Malaysia, but on Thursday said it had no update on the process.

(Editing by Kate Holton/Guy Faulconbridge/Alexander Smith)

By Paul Sandle

Stocks mentioned in the article
ChangeLast1st jan.
J SAINSBURY PLC -0.58% 206.8 Delayed Quote.-9.53%
TESCO PLC 0.45% 243 Delayed Quote.-5.21%
WALGREENS BOOTS ALLIANCE -0.72% 53.075 Delayed Quote.-9.40%
WALMART INC. -0.83% 115.1571 Delayed Quote.-2.73%
WM MORRISON SUPERMARKETS PLC -1.43% 182.2 Delayed Quote.-7.48%
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Financials (GBP)
Sales 2020 17 736 M
EBIT 2020 513 M
Net income 2020 315 M
Debt 2020 2 086 M
Yield 2020 6,82%
P/E ratio 2020 14,1x
P/E ratio 2021 13,4x
EV / Sales2020 0,37x
EV / Sales2021 0,35x
Capitalization 4 425 M
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Technical analysis trends WM MORRISON SUPERMARKETS P
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 19
Average target price 210,06  GBp
Last Close Price 184,85  GBp
Spread / Highest target 37,9%
Spread / Average Target 13,6%
Spread / Lowest Target -5,33%
EPS Revisions
Managers
NameTitle
David T. Potts Chief Executive Officer & Director
Andrew Thomas Higginson Non-Executive Chairman
Trevor John Strain CFO, Director & Chief Commercial Officer
Belinda Jane Carew-Jones Independent Non-Executive Director
Richard Colin Neil Davidson Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
WM MORRISON SUPERMARKETS PLC-7.48%5 814
SYSCO CORPORATION-2.70%42 420
WOOLWORTHS GROUP LIMITED10.65%35 465
TESCO PLC-5.21%30 941
AHOLD DELHAIZE N.V.-1.57%26 441
KROGER-2.00%22 713