UK supermarket chain Morrisons slashes prices amid fierce competition
UK supermarket chain, Morrisons has announced it is slashing prices of 900 of its products, ahead of Christmas sales results
One of the UK’s top four supermarket chains, Morrisons has announced it is reducing prices of over 900 of its products, ahead of this week’s Christmas sales results.
Morrisons announced on Monday it would cut 20% off store products in a bid to catch upto its competitors.
Analysts have predicted Christmas sales results this week will show supermarket German chains, Aldi and Lidl on top, after the supermarkets slashed prices over the Christmas period.
Morrisons said it would cut an average of 20% off 935 products, including everyday items and cupboard staples such as tinned tomatoes, cereals, ready meals, and multivitamins.
The northern England supermarket said the price reductions would be held for a minimum of 12 weeks.
Morrisons marketing director, Andy Atkinson said: ‘We’re listening to customers who are telling us that their budgets will be stretched in January, so we are cutting every penny we can on the essentials that will help them feed their families.'
Morrisons shares trading slightly lower
This week will be a big week for retailers with Sainsbury’s expected to give an update on Christmas sales on Wednesday, followed by Tesco on Thursday.
Morrisons will give its update on Christmas sales on Tuesday, with analysts only predicting a slight rise in retail sales.
Morrison WM Supermarkets share price fell 0.35% on Monday at time of writing, with its last close at £214.95.
Aldi sales growth predicted to continue
Aldi reported retail sales increased by 16.8% in Christmas 2017, and analysts predict the growth in this year's sales could continue.
Aldi vowed in Ocotber last year it would slash prices further than its competitors ahead of the highly competitive Christmas holiday period.
Aldi has become the UK’s fifth biggest supermarket chain with 775 stores across the UK and Ireland, with a 7.6% market share.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
European Central Bank meeting
Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement.
- How might the next meeting affect the markets?
- What are the key rate decisions to watch?
- Why is the Governing Council announcement important for traders?
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.