Morrisons have reported good sales in Q3 with total sales up 4.6% (excluding fuel) and like for like sales up 2.4%. 

The supermarket has opened ten new stores, including a second convenience outlet, and are on track with their target of creating 600,00 sq ft of new space during the year. They also report good progress in the areas of generating profitable growth, driving their topline, increasing efficiency and capturing new growth opportunities.

Financially, the group remains strong having extended their borrowing facilities. Plans to retire £1bn of equity by March 2013 continue and 103m shares have been acquired and cancelled to date.

Morrisons has reported record numbers of customers visiting stores despite the challenging economic climate. They suggested that their performance in the third quarter was in line with their expectations but that they would remain cautious on the overall economic environment.