Safeway slump doesn't deflate Morrisons
SALES have continued to slip at Safeway supermarkets under new owner Morrisons, but chairman Sir Ken Morrison said it is now winning back customers and producing big increases in the early store conversions.
While the original Morrisons chain continues to show industry-beating sales increases of 8.9 per cent, Safeway sales fell 5.2 per cent in the 10 weeks to 16 May.
The Safeway slump comes despite a raft of price cuts implemented by Morrisons as soon as it took control. Some 7,500 prices have been reduced, but the sales uplift has not been enough to offset the impact of lower prices.
Sir Ken said "Although there remains much work to be done on the integration, I view the future with optimism."
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Monday 20 February 2012
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