date:May 09, 2014
Morrisons, the smallest of the UKs four main supermarket chains, reported the steepest sales drop in recent history, illustrating why the grocer slashed prices last week in an effort to regain shoppers.
Revenue at stores open at least a year fell 7.1% in the 13 weeks ended May 4, excluding gasoline and value-added tax, the Bradford, England-based retailer said today in a statement. That compares with the median estimate of 14 analysts surveyed by Bloomberg News for a 5.3% decline.
Same-store