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23/03/2006
Morrisons posts first loss
Supermarket group Morrisons have posted their first-ever annual loss in 2005.
Britain's fourth-largest supermarket chain posted a loss of almost £313 million for the year to January 29, 2006.
The company has blamed the loss on the cost of a merger with Safeway's in 2004.
Morrisons said that the cost of the takeover amounted to almost £375 million.
Pre-tax profits for the group fell from £332.2 million to £61.5 million.
Turnover across the group was £12.1 billion, in line with the previous year.
However, Morrisons said that it had now completed the conversion of all the Safeway stores and that market share had now stabilised.
The group also announced that it had finalised a three-year optimisation plan.
Commenting on the results, Morrisons Chairman Sir Ken Morrison, said: "The results we are presenting today are the outcome of an extremely challenging year for Morrisons. However, through this period of great change, we have built strong foundations for the company's future as a national retailer. We can look forward with renewed strength and energy now that we are one company with one focus - to be the best grocer in town.
"The optimisation plan, outlined today, lays out the steps we need to take over the next three years to enable the company to apply and adapt where necessary the original Morrisons model to the new, larger business. I am confident that the plan will quickly deliver significant improvements in performance."
(KMcA/GB)
Britain's fourth-largest supermarket chain posted a loss of almost £313 million for the year to January 29, 2006.
The company has blamed the loss on the cost of a merger with Safeway's in 2004.
Morrisons said that the cost of the takeover amounted to almost £375 million.
Pre-tax profits for the group fell from £332.2 million to £61.5 million.
Turnover across the group was £12.1 billion, in line with the previous year.
However, Morrisons said that it had now completed the conversion of all the Safeway stores and that market share had now stabilised.
The group also announced that it had finalised a three-year optimisation plan.
Commenting on the results, Morrisons Chairman Sir Ken Morrison, said: "The results we are presenting today are the outcome of an extremely challenging year for Morrisons. However, through this period of great change, we have built strong foundations for the company's future as a national retailer. We can look forward with renewed strength and energy now that we are one company with one focus - to be the best grocer in town.
"The optimisation plan, outlined today, lays out the steps we need to take over the next three years to enable the company to apply and adapt where necessary the original Morrisons model to the new, larger business. I am confident that the plan will quickly deliver significant improvements in performance."
(KMcA/GB)
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24 April 2008
Morrisons Awarded Damages For False Accusations
Morrisons have won a £100,000 payout in damages after being accused of 'price-fixing'. The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
Morrisons Awarded Damages For False Accusations
Morrisons have won a £100,000 payout in damages after being accused of 'price-fixing'. The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
12 September 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.
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.
09 May 2013
Morrisons Record 2.6% Fall In Sales
Morrisons has said it has experienced a "solid start" to its financial year, despite falling sales. Over the first quarter of the year, sales have fallen by 2.6%. The figures, on a like-for-like basis, include fuel sales, but total sales contracted by 0.3% as new store openings helped to bolster the business.
Morrisons Record 2.6% Fall In Sales
Morrisons has said it has experienced a "solid start" to its financial year, despite falling sales. Over the first quarter of the year, sales have fallen by 2.6%. The figures, on a like-for-like basis, include fuel sales, but total sales contracted by 0.3% as new store openings helped to bolster the business.
11 March 2010
New Stores Help Boost Morrisons
Supermarket chain Morrisons has reported bumper sales, citing new store launches for its success. Like-for-like pre-tax profits for last year jumped to £858m, from £655m in 2008/09. Annual sales were up 6%, excluding fuel and VAT. Turnover also grew by 6% giving a total value of £15.4bn. Basic earnings per share was 22.
New Stores Help Boost Morrisons
Supermarket chain Morrisons has reported bumper sales, citing new store launches for its success. Like-for-like pre-tax profits for last year jumped to £858m, from £655m in 2008/09. Annual sales were up 6%, excluding fuel and VAT. Turnover also grew by 6% giving a total value of £15.4bn. Basic earnings per share was 22.
12 March 2009
Morrisons' Sales Fuel Expansion Plans
The UK's fourth largest supermarket chain has reported bumper profits, and its revealed revenue will be plowed back into working capital for the business. Morrisons boosted annual sales by 13%, smashing previous forecasts for the retailer.
Morrisons' Sales Fuel Expansion Plans
The UK's fourth largest supermarket chain has reported bumper profits, and its revealed revenue will be plowed back into working capital for the business. Morrisons boosted annual sales by 13%, smashing previous forecasts for the retailer.
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