Morrisons profits slide as supply chain ‘challenges’ bite
Morrisons has reported a slump in profits at the half-year mark as chair Andrew Higginson said the business had weathered a “variety of continuing challenges”, including supply chain disruption and driver shortages.
Morrisons recorded a 37.1% drop in pre-tax profit to £105m in the half-year to August 1, which the grocer attributed to £41m of Covid-19 related costs and £80m of lost profits across its café, fuel and food-to-go divisions.
The grocer said its profits were also impacted as it absorbed costs related to “rising commodity prices and freight inflation, plus a shortage of HGV drivers across the UK”.
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