UK retailer Morrisons saw its profit before tax fall by around 52% to £345 million (down from £719 million) last year, according to results posted this morning, 12 March.
In the year to 1 February, Morrisons posted revenues of £16.8 billion, down from £17.7 billion a year earlier. Like-for-like sales (excluding fuel and VAT) were down 5.9%, following on from a decline of 2.8% a year earlier.
Last year saw Morrisons slash its prices in an attempt to compete with discounters Aldi and Lidl.
“Last year’s trading environment was tough, and we don’t expect any change this year," said Andrew Higginson, Chairman.
"However, Morrisons is a strong, distinctive business – we own most of our supermarkets, have strong cash flow, and are famous with customers for great quality fresh food at low prices. This gives us a good platform."
David Potts joins the retailer as Chief Executive next week.
The retailer has expressed its intention to continue to cut prices this year, and focus less on its convenience channel.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article written by Stephen Wynne-Jones.