Shares in Morrisons slumped almost 7% on opening after a shock 5.6% slump in sales over the crucial Christmas trading period.
The supermarket - which is yet to break into the online grocery market - admitted the Christmas period had been "very challenging".
Chief executive Dalton Philips added: "In a very tough market our sales performance over Christmas was disappointing."
His position is under pressure following a 5.6% decline in like-for-like sales during the six weeks to January 5.
When fuel was included, the figure fell to 7.1%.
The performance was far worse than most analysts had expected - hitting the share price hard.
The chain said: "Hard-pressed consumers elected to economise and managed their budgets very tightly, buying less and shopping selectively across a range of formats and retailers."
Morrisons - like its major rivals - has suffered at the hands of the discounters who have forced the big chains to slash prices.
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