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.”
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