As online sales exploded over the Christmas period, some of the UK and Ireland’s biggest ‘brick-and-mortar’ retailers are reeling from lower than expected sales. In particular, Britain’s fourth largest supermarket chain, Wm. Morrison Supermarkets plc (LON:MRW), has been hit hard, pulling forward their trading announcement for the festive season to reveal profits much lower than what shareholders were expecting.
Online retailers trading slashes share price
Over the six most important weeks of the year for supermarkets, Wm. Morrison Supermarkets plc (LON:MRW)’s sales fell 5.6% from last year. Subsequently, the stock fell 8%, wiping £430m off the company’s market value, and analysts slashed annual profit forecasts by 15%.
‘The step up...
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