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12/09/2013
Morrisons Post Fall In Half-Year Profits
Morrisons supermarket has recorded a fall in its half-year profits.
It cited "challenging" market conditions as a factor.
For the half-year to 4 August 2013, pre-tax profits fell to £344m from £440m in the same period the year before.
Total turnover or the period remained unchanged at £8.9bn, the same as last year, but like-for-like sales fell by 1.6%.
It added that it expected to see an improvement in second-half sales performance, as well as being "on track" to having 100 convenience stores operating this year.
Chief executive Dalton Philips said the "economic backdrop remains difficult for the consumer."
Elsewhere, the supermarket chain has said it is to offer online shopping from the end of January 2014 after finalising an agreement with Ocado.
In an agreement worth £216m, the company believes the move will help them keep up with its rivals who also offer online shopping.
(JP/CD)
It cited "challenging" market conditions as a factor.
For the half-year to 4 August 2013, pre-tax profits fell to £344m from £440m in the same period the year before.
Total turnover or the period remained unchanged at £8.9bn, the same as last year, but like-for-like sales fell by 1.6%.
It added that it expected to see an improvement in second-half sales performance, as well as being "on track" to having 100 convenience stores operating this year.
Chief executive Dalton Philips said the "economic backdrop remains difficult for the consumer."
Elsewhere, the supermarket chain has said it is to offer online shopping from the end of January 2014 after finalising an agreement with Ocado.
In an agreement worth £216m, the company believes the move will help them keep up with its rivals who also offer online shopping.
(JP/CD)
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