Morrisons MRW brings good news for the consumer if not for itself, with price deflation in the quarter to 1st May reaching 2.6% and expected to continue. Compared to quarter 1 2015 Morrisons has done well. Like for like sales this year were up by 0.7% or 1.2% including fuel compared to last years falls of 2.9% and 6.6% respectively, although this years like for like figures have been helped by store and convenience shop closures. What is not a good sign is that items per basket fell by 2.8%.
Rolls Royce RR expects first half results to to be close to breakeven but does not enlighten us as to whether that will be positive or negative. Better things however, are promised for the second half.
Smith & Nephew SN has had a mixed first quarter, with Established Markets growing by 6%, led by by its largest market, the US with 8%. Emerging markets on the other hand fell by 6%. Weakness was felt in China and in the Gulf states there was a significant slow down. Sports joint repairs were up by 11% and knee implants proved as popular as ever, as the medical profession throughout mainland Europe continued happily on the gravy train of advising its unwitting patients to undergo unnecessary knee replacement surgery. Latest figures show that half of such operations in the US are completely unnecessary and are of benefit only to the medical profession.
IMI plc IMI expects first half revenue to decline at the same rate as in 2015 with a pick up promised for the second half. Revenue for the quarter to 31st March fell by 4% despite the favourable impact of exchange rate movements. In Critical Engineering Markets were challenging during the quarter and orders from some customers were delayed.. Precision Engineering did even worse with a fall of 7% but Hydronic Engineering prospered by comparison with good revenue growth, due to new products having a notable impact.
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