Morrisons defies economic downturn as sales rise

The company reported that it is increasing the number of customers visiting its stores by 700,000 a week.

The supermarket said it has agreed to buy 38 stores from the Co-operative Group at a cost of £223.1m.

The acquisition is conditional upon a successful completion of the Co-operative Group’s acquisition of Somerfield and certain competition approvals.

Chief executive, Marc Bolland, said: “In this challenging economic environment more customers than ever before are choosing Morrisons.

“Our industry leading deals and unique fresh food offer have attracted over seven hundred thousand new customers to our stores.”

Morrisons figures dwarf those of Tesco, which declared a 2% improvement in like-for-like sales earlier this week.

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