Christmas Trading Sets Off Alarm Bells for Wm Morrison; Shares Fairly Valued
No-moat Wm Morrison reported its Christmas trading update for the nine weeks to Jan. 6, with group like-for-like sales excluding fuel up 3.6%, supported by the retail (0.6%)Â and wholesale (3.0%) channels, broadly in line with our full-year expectations. Morrison reaffirmed its full-year guidance. We maintain our GBX 208 fair value estimate and continue to expect intensified competition and margin-dilutive growth in online and wholesale businesses to balance out any meaningful volume/mix gains ac...Morrisons (Wm) Supermarkets is engaged in the grocery retailing in the U.K. Through its subsidiaries, Co.'s principal activities include include the acquisition of food products, property management, maintenance and investment, manufacturing and distributing of food products, insurance captive, preparation and supply of seafood, meat processing, manufacturing of morning goods and bread, produce packer and purchaser, grocery retailer and pharmaecutical license holder. As of Jan 29 2017, Co. operated a total of 491 stores, 334 petrol filling stations, 401 cafes and 118 pharmacies.
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