Morrisons sees drop in LFLs
Morrisons has claimed “conditions are tough” as it released its half-year results, showing a 7.4% fall in like-for-like sales.
The supermarket released its half-year results for the six months until 3 August 2014, showing its total turnover down 4.9% to £8.5bn, compared with the six months 2013/2014. Meanwhile profit before tax fell 51% to £181m.
However, Morrisons has attributed its poor results to change and the implementation of its “three-year plan” to improve and modernise management structures, including simplifying in-store management.
Sir Ian Gibson, non-executive chairman, said: “Conditions are tough, and the industry is going through unprecedented change. Our first-half results reflect the reset of the business we announced in March. Morrisons is now well under way, with building the foundations for a better future. The board is confident of the new strategy and Morrisons’ financial position remains strong.”
Want more stories like this in your inbox?
Sign up for our FREE email newsletter
- non executive
- six months
- year results
- ian gibson
- gibson non
- gibson non executive
- store management sir
- management sir ian
- sir ian gibson
- ian gibson non
01 - 03 March, 2017
02 March, 2017
Meat & Poultry Processing Awards
08 March, 2017
The UK food supply chain: sector developments, the impact of Bre
13 - 19 March, 2017
National Butchers’ Week