LONDON (ShareCast) - Supermarket chain Morrisons reported a 4.3% rise in third quarter like-for-like sales and left its expectations for the current year unchanged.
Market expectations were for underlying sales growth, excluding fuel and
VAT, to have risen by 4.5% in the period, compared to a 7.8% year on year rise in the first half of the financial year.
Total (FP.NX - news) sales in the 13 weeks to 1 November (Frankfurt: A0Z24E - news) excluding fuel were up by 9.1% (5.1% including fuel). UBS (Virt-X: UBSN.VX - news) expected total sales growth to exceed 8%.
Brewer SABMiller (LSE: SAB.L - news) posted lower pre-tax profits in the six months to September 30 as volumes declined, but the shares rose as results were ahead of expectations.
"In some of the toughest economic conditions seen for decades, we have continued to take share in a number of markets," said chief executive Graham Mackay. "The weakness of our major operating currencies against the US dollar has affected reported results, but we have continued to generate a strong underlying performance."
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