Morrisons profits fall from £345m to £242m
PUBLISHED: 10:08 10 March 2016 | UPDATED: 10:08 10 March 2016
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.