Morrisons is expected to outshine its ‘big four’ rivals later this week when it reveals its trading update for the festive period.
According to analysts at Evolution Securities, Morrisons is set to post like-for-like Christmas sales growth of up to 7 per cent, which would surpass the 4.9 per cent and 4.2 per cent like-for-like festive growth reported by rivals Tesco and Sainsburys respectively last week.
Evolution analyst Dave McCarthy said the anticipated strong trading performance from Britain’s fourth-largest supermarket chain would be “remarkable” on the back of healthy festive sales figures in both 2008 and 2007.
However he called for a “rapid conclusion” to the search for a new chief executive at Morrisons, following highly regarded chief Marc Bolland’s move to high street chain Marks and Spencer .
“The big issue is who will be the new CEO?” McCarthy said. “Until this is resolved, the shares will be held back by uncertainty.”
“This may not matter long term, but it is essential that sales momentum is retained.”
Mr Bolland, who is credited with turning around the company’s fortunes over the last three years, agreed a deal to become the new head of M&S in November.
