Morrisons profits plummet as ‘unprecedented’ inflation hits food manufacturing

Morrisons sign against blue sky

Morrisons profits more than halved as the grocer bemoaned “unprecedented inflationary pressures” on its vertically-integrated food manufacturing.

For the 13 weeks ending July 31, 2022, the grocer reported adjusted EBITDA of £177m, down from £356m in the third quarter the previous year.

Morrisons said this drop in profits reflected “a number of temporary and transitional factors – some of which are expected to reverse in Q4 – and our year-end change”.

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