LONDON (ShareCast) - Supermarket chain Wm.Morrison has made a good start to the new trading year, with sales growth well ahead of the sector norm.
In the 13 weeks to 3 May, total sales excluding fuel, rose by 9.2% from a year earlier.
With fuel included sales rose 5.7%.
Like for like (LFL) sales improved by 8.2%, or by 5.0% including fuel, maintaining the rate of LFL growth seen in the year to 1 February 2009.
Morrison’s sales figures now exclude the effects of VAT.
‘Our broadening customer appeal saw us welcome half a million more new customers each week to our stores during the first quarter. This is a particularly good result which is on top of the similar level of growth we reported in last year's Q1 update,’ the company said in its interim management statement.
On the topical subject of pension schemes, the board said it has successfully concluded discussions with its pension scheme members and is now in a position to put its final salary pension schemes onto a sound financial footing for the long term.
The company, having already pumped £200m into the schemes, will move all future benefit accrual onto a career average basis, such that it will grow in line with inflation rather than being linked to final salary. This will be done by the end of July, and will be accounted for by recognition of an exceptional credit in the interim results.
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