ACR-News
Know what you want? Try our 'Supplier Directory' 

Morrisons to close 11 stores and sell 140 M locals

Morrisons is to close 11 stores putting around 900 jobs at risk, following a 47% fall in profits for the half year to 2 August 2015.

Total turnover was down by 5.1% to £8.1bn year-on-year. Pre-tax profit fell to £126m compared with £239m for the same period last year.

Chief executive David Potts said: “The immediate priority is to deliver a better shopping trip to stabilise trading performance. Our six strategic priorities will then deliver improvement in the core supermarkets, where we have the greatest opportunity.

“It will be a long journey. We approach the challenge with energy, confidence and many strengths, particularly our strong balance sheet and cash flow, which enables investment in improving the customer shopping trip,” he added.

Looking ahead the company said: “Customers and colleagues are beginning to notice improvements, but the turnaround will take time and require sustained investment in the proposition.”

It also said it expects underlying profit before tax to be higher in the second half of 2015/16 than the first.

Yesterday (9 September) Morrisons announced that it is selling 140 M local convenience stores for around £25m in cash, to a team led by retail entrepreneur Mike Greene and backed by Greybull Capital LLP.

It will keep five M local stores, which are either on forecourts or will be converted to small Morrisons supermarkets.

The move follows a review of the M local business in March this year which concluded that M local would have required significant further investment in new sites, plus additional capital expenditure and lease commitments, to reach profitability.

 

Comments

Already Registered?
Sign In
Not Yet Registered?
Register

Coronavirus industry update

In response to the Coronavirus pandemic, manufacturers, wholesalers and distributors are issuing statements regarding their operations as the situation evolves. The most up to date information from each company is listed below and is being updated ...

  25-Mar-2020
ACR News

How to run your business during lockdown

Our previous report about Coronavirus and how it is affecting different industries clearly showed that this crisis we are facing is going to have long-term impacts. For business owners, preparing for these impacts will certainly help secure a better ...

  31-Mar-2020

Fridge Freezer Direct Introduces J & E Hall's range of Cellar Cooling

Reliable and energy efficient, the JCC range of cellar coolers are designed to be used in wine and beer cellars above or below ground.
  06-Apr-2020
ACR News is the number one magazine in the air conditioning and refrigeration industry. Don’t miss out, subscribe today!
Subcribe to ACR News

Diary

Heat Pump Conference 2020
Cool Talks Breakfast Briefing
Cool Talks Breakfast Briefing
9th IIR Conference on Caloric Cooling and Applications of Caloric Materials
World Refrigeration Day