Morrisons profits fall as Covid costs bite
Morrisons has suffered a drop in profits during its first half as it absorbed costs associated with weathering the coronavirus pandemic.
The supermarket giant posted a 28.2% decline in pre-tax profit to £145m in the half year to August 2, but said it incurred around £155m in costs relating to the pandemic.
Morrisons’ total revenues during the six-month period slipped 1.1% to £8.7bn following a significant dip in demand for fuel as consumers stayed at home while lockdown regulations were in place.
Excluding fuel and VAT, like-for-like sales climbed 8.7% year on year.
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