Morrisons reports sales decline

Supermarket group Morrisons has posted its first decline in sales in nearly a decade after it refused to square up to rivals with promotions "at any cost".

The UK's fourth biggest grocer, which has 455 stores in the UK, saw same-store sales excluding fuel and VAT decline 1% in the 13 weeks to April 29, compared to 1.8% growth in the whole of last year. City analysts had expected a marginal rise in sales.