Morrisons posts profit rise but coronavirus brings ‘unprecedented challenges’
Grocer Morrisons has reported a rise in full-year profits but cautioned that the coronavirus pandemic brings “unprecedented challenges”.
Morrisons’ pre-tax profit before exeptionals rose 3% to £408m last year, when total sales edged down 1.1% to £17.5bn. Group like-for-likes were down 0.8%.
In its current trading update, Morrisons said that the retail contribution to like-for-like performance improved to flat for the first four weeks of the new year, and was ahead 5% in the first six weeks, ”after considerable stocking up and sales pull-forward recently”.
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