Morrisons posts profit rise but coronavirus brings ‘unprecedented challenges’
Grocer Morrisons has reported a rise in full-year profits but cautioned that the coronavirus pandemic brings “unprecedented challenges”.
Morrisons’ pre-tax profit before exeptionals rose 3% to £408m last year, when total sales edged down 1.1% to £17.5bn. Group like-for-likes were down 0.8%.
In its current trading update, Morrisons said that the retail contribution to like-for-like performance improved to flat for the first four weeks of the new year, and was ahead 5% in the first six weeks, ”after considerable stocking up and sales pull-forward recently”.
Subscription content
Please sign in now if you have a subscription or are already registered with us.
Register for free to continue reading
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
- Two free article views per calendar month on Retail-Week.com
- Detailed analysis of current trends and events
- Exclusive newsletters
- In-depth reports, videos, interviews and much more
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few moments before your account is updated.