Struggling supermarket chain Morrisons has reported a deeper loss of £792m for its last financial year.
The figure - for the 12 months to 1 February - followed a loss before tax of £176m in 2013/14.
The chain, among the 'big four' battling each other and hard discounters for business in a fierce price war, said its like-for-like sales excluding fuel and VAT fell 5.9% over the period - double the rate of the previous year.
Underlying profits - covering day-to-day trading - were 52% lower at £345m, with revenues down 4.9% to £16.8bn.
Its first year of online sales delivered revenues of £200m.
The overall loss can be partly explained by a £1.3bn writedown on the value of its property - a decision it blamed on market conditions.
The supermarket chain axed its chief executive Dalton Philips following a poor trading performance over the crucial Christmas season.
Morrisons confirmed his replacement, ex-Tesco executive David Potts, would start work next Monday and it was "pausing" the expansion of its convenience M store offering - a sales platform it was late to develop.
Andrew Higginson, the Morrisons chairman, said: "Last year's trading environment was tough, and we don't expect any change this year.
"However, Morrisons is a strong, distinctive business - we own most of our supermarkets, have strong cash flow, and are famous with customers for great quality fresh food at low prices. This gives us a good platform.
"David Potts joins as chief executive next week. Under his leadership, we will focus on building trading momentum and being more like the Morrisons our customers expect.
"We will invest more into the proposition and put customers at the heart of everything we do. We will listen and respond to our customers, and work hard every day to improve the shopping trip.
"Success measures will be simple - more customers buying more from us. More customers means more volume growth which, ultimately, will lead to better like-for-like, profitability and shareholder returns."
Morrisons said it opened 11 new supermarkets and 57 M locals in the period but also closed six under-performing M locals.
It announced a proposal to close ten smaller supermarkets in 2015 and said it also intended to shut 23 more M Local stores.
More follows...
Anda sedang membaca artikel tentang
Morrisons Records £792m Loss In Last Year
Dengan url
http://raskindollar.blogspot.com/2015/03/morrisons-records-a792m-loss-in-last.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Morrisons Records £792m Loss In Last Year
namun jangan lupa untuk meletakkan link
Morrisons Records £792m Loss In Last Year
sebagai sumbernya
0 komentar:
Posting Komentar