Morrisons, the 4th largest grocer in Britain, reported losses of almost £800m following a sales decline and property write-offs, highlighting the challenge faced by its new chief executive, David Potts.
The company plans to close 23 of those stores this year with the loss of more than 300 jobs.
Morrisons’ sales fell 5.9% in the year to 1 February, a sharp acceleration on the 2.8% decline the previous year. Its pretax loss climbed to £792m, from £176m, after it wrote down the value of its property portfolio by £1.3bn.
Underlying pretax profits halved to £345m, the company’s worst performance for eight years.
While the annual dividend rises 5% to 13.65p, this year’s payout will be sharply lower – “not less than 5p per share”, the company said.
The material has been provided by InstaForex Company – www.instaforex.com
Morrisons, the 4th largest grocer in Britain, reported losses of almost £800m following a sales decline and property write-offs, highlighting the challenge faced by its new chief executive, David Potts.
The company plans to close 23 of those stores this year with the loss of more than 300 jobs.
Morrisons’ sales fell 5.9% in the year to 1 February, a sharp acceleration on the 2.8% decline the previous year. Its pretax loss climbed to £792m, from £176m, after it wrote down the value of its property portfolio by £1.3bn.
Underlying pretax profits halved to £345m, the company’s worst performance for eight years.
While the annual dividend rises 5% to 13.65p, this year’s payout will be sharply lower – “not less than 5p per share”, the company said.
The material has been provided by InstaForex Company – www.instaforex.com
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