Markets react badly to Morrisons’ half-year figures

MORRISONS’ share price fell 5% in the first hour of trading as the markets were winded by pre-tax profit figures that were below already-suppressed expectations.

Pre-tax profits were down 47% in the first half of the year and like-for-like sales were down 2.7%, as the supermarket group struggles to reverse its fortunes.

Despite there being signs of improvement – sales decline in the second quarter was 2.4% compared with quarter one’s 2.9% – the markets expressed their disappointment.

Morrisons share price fell 10p, or 5.7%, to 165.8p at 8.50am.