Morrisons follows c-store disposal by revealing falling profits and store closures
Morrisons has followed yesterday's deal to sell-off of its convenience store business by reporting a 35% fall in profits and the announcement of a further 11 store closures.
Morrisons has followed yesterday's deal to sell-off of its convenience store business by reporting a 35% fall in profits and the announcement of a further 11 store closures.
The half-year to August 2 saw the supermarket chain record underlying pre-tax profit of £117 million, down from £181 million a year ago. Total turnover dropped 5.1% to £8.1 billion and like-for-likes declined 2.7%.
David Potts, who took over as chief executive in February, said he had identified several priorities to get the chain back on track including improving customer service, becoming more competitive and finding "local solutions".
"Morrisons will be an organisation that listens," he said. "During the first half, the new executive and leadership teams have been listening hard to colleagues, customers, suppliers and shareholders. They tell us there is a lot to do.
"The immediate priority is to deliver a better shopping trip to stabilise trading performance.
"Our strategic priorities will then deliver improvement in the core supermarkets, where we have the greatest opportunity. It will be a long journey."
Morrisons announced yesterday that it is to sell 140 M Local convenience stores to retail entrepreneur Mike Greene and Greybull Capital for £25 million.
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56-58 Church Walk, Burgess Hill, West Sussex, RH15 9AN
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