Not the most exciting share, but with safeway conversion now complete (and how much better the old safeway stores are now) the shares should start to come back. Already started a nice rise from a recent low. Costs for conversions will still hold the price back but when that is out of the way, should be be nice. 190p

StockMarketWire.com
British grocer Morrisons reported a 9% increase in its first-half profit and its best quarterly like-for-like sales in almost a decade as it broadens its scope into wholesale.

Underlying pre-tax profit came in at £193m for the six months to 5 August, up from £177m the previous year.

Group like-for-like sales, excluding fuel and VAT sales tax, rose 6.3% in the firm's second quarter and 4.9% in the half-year period.

Morrisons also increased its interim dividend by 11.4% to 1.85p and said it was paying an additional special dividend of 2p.

"Morrisons continues to become broader, stronger and a more popular and accessible brand, and I am confident that our exceptional team of food makers and shopkeepers can keep driving the turnaround at pace," said David Potts, Chief Executive.

Barclays Capital today reaffirms its underweight investment rating on Morrison (Wm) Supermarkets PLC (LON:MRW) and raised its price target to 225p (from 205p).

Morrisons reported stronger than expected retail sales over the festive period, supported by prices that were kept level with last year. As the first of the big four supermarkets to deliver its post-Christmas update, the Bradford-based group revealed group like-for-like sales of 3.6% in the nine weeks to 6 January. This comprised retail sales growth of 0.6%, with wholesale sales growing 3.0%.