Morrisons set to announce ‘40% fall’ in profits

MORRISONS is preparing to draw a line in the sand of the regime of former chief executive Dalton Philips when the retailer announces its interim results on Thursday.
His replacement, David Potts, joined in March – about six weeks into the half-year that the annoucement will relate to – and the market is bracing itself for more underwhelming figures.
However the Bradford-based supermarket group has been able to stem the loss of shoppers from its stores and, according to industry analysts Kantar, increased its market share in June for the first time since 2011.
Total revenues are expected to be down around 5% to £8.1bn with pre-tax profits forecast to fall by 40% to £140m. 
Morrisons’ management are reportedly pushing to complete the sale of its convenience stores to a retail consortium backed by investors Greybull in time for Thursday’s update to the city.
The deal, which has been subject to exclusive talks for a number of weeks, would see the 150-strong chain of M Local stores sold for between £30m-£50m and are expected to be rebranded as My Local.

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