Morrisons shares down on sales fall

Supermarket chain Morrisons has announced a fall in its sales in its most recent financial data.

Results released by the company today (May 9th) show that the firm's like-for-like sales excluding fuel fell 1.8 per cent in the 13 weeks to May 5th.

Morrisons, which is the fourth largest supermarket chain in the UK, saw total sales excluding fuel rise by 0.6 per cent and chief executive Dalton Philips suggested the horsemeat scandal has benefited the company due to its "unique supply chain and approach to meat sourcing".

"[Consumers] now understand that Morrisons is best placed to sell food that is what it says it is," he said.

It was also confirmed that the company remains on track to meet its target of having 100 convenience stores open by the end of 2013.

On the back of the news its like-for-like sales have fallen in recent months, the share price of Morrisons dropped by almost two per cent in the early stages of trading on the London Stock Exchange, with shares selling for 290.86 at 08:27 BST.

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