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Morrisons profits fall from £345m to £242m

PUBLISHED: 10:08 10 March 2016 | UPDATED: 10:08 10 March 2016

File photo dated 05/10/15 of a Morrisons plastic bag, as the supermarket posted an annual profit of £242 million, down from £345 million a year ago after closing a number of stores. PRESS ASSOCIATION Photo. Issue date: Thursday March 10, 2016. See PA story CITY Morrisons. Photo credit should read: Chris Radburn/PA Wire

File photo dated 05/10/15 of a Morrisons plastic bag, as the supermarket posted an annual profit of £242 million, down from £345 million a year ago after closing a number of stores. PRESS ASSOCIATION Photo. Issue date: Thursday March 10, 2016. See PA story CITY Morrisons. Photo credit should read: Chris Radburn/PA Wire

Supermarket Morrisons has posted a full-year profit of £242m after it closed stores as the chain bids to turn itself around.

The Bradford-based business saw underlying pre-tax profits fall from £345m a year ago after closing unprofitable supermarkets and selling off convenience store outlets.

But it reported an improvement in like-for-like sales, with declines of 2pc compared with a fall of 5.9pc in 2014.

It comes after the group surprised the market over Christmas by reporting a 0.2pc rise in like-for-like sales excluding fuel in the nine weeks to January 3.

It was one of the few major supermarket chains to report a sales rise in the key festive trading period, with the industry gripped in a fierce price war with discounters Aldi and Lidl.

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