Supermarket Woes

Supermarket Woes.

We reported earlier this week about Sainsbury’s strong half yearly sales after they were the first to release figures on their half yearly sales. Well today figures for Tesco and Morrisons were released showing a loss for both supermarket giants.

Some reasons said to behind the losses are fierce competition from cut price stores such as Aldi and Lidl. But for Morrisons there was an extra reason as the supermarket has not really got an strong online presence.

Tesco’s like-for-like sales over the Christmas period were down 2.4% and shares fell 4%. Morrisons reported a 5.6% like-for-like sales loss sending its shares into a drop of 7%.

Tesco is currently the UK’s biggest supermarket ahead of Sainsbury’s and a tough market is making profits extremely difficult, which has even affected the FTSE 100 index at the start of trading.