ACR-News
10 March 2016

Morrisons reports profits fall

However, he went on to say: “...the turnaround will take time and will continue to require sustained investment in the proposition

Morrisons has reported a decline in profits in its preliminary results for the year ending 31 January 2016.

Underlying pre-tax profits were down at £242m compared with £345m a year earlier.

Total turnover fell by 4.1% to £16.1bn against £16.8bn the previous year. Meanwhile, like-for-like sales (excluding fuel and vat) tumbled by 2.0%.

Chief executive David Potts said: “By improving the shopping trip for customers, we have started the journey to turnaround the business and make our supermarkets strong.”

However, he went on to say: “...the turnaround will take time and will continue to require sustained investment in the proposition

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