Morrisons has reported a slump in sales over the past three months.
The supermarket group, the subject of a £7billion takeover by private equity firm Clayton, Dubilier & Rice this month, reported a 6.4 per cent fall in like-for-like sales excluding fuel and VAT for the 13 weeks to May 1.
It said trading was very challenging due to inflationary pressure and ‘increasingly subdued consumer confidence’.
Supermarket group Morrisons reported a 6.4% fall in like-for-like sales excluding fuel and VAT for the 13 weeks to May 1
The slump comes as food and drink inflation soared by 8.7 per cent in May compared with a year earlier.
Total revenues moved 2.6 per cent higher to £4.6billion for the period against the same quarter last year.
Morrisons said this was lifted by a 54 per cent jump in fuel sales as prices soared.
Chief executive David Potts said: ‘In a very fragile and difficult consumer environment, Morrisons has continued to deliver a resilient performance.’
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