Morrison’s shares down after H1 results disappoint

Shares in FTSE 100 retailer WM Morrison Supermarkets (LON:JMW) dropped by 3.13% to 188.90p (as of 12:45 BST) after the company reported a 1.1% fall in total revenues for the six months ended 2nd August. The decrease in revenues was in part due to lower fuel demand which has begun to recover. Statutory pre-tax profits declined by 28.2% for the period.

CEO David Potts commented: “From the start of the pandemic we stepped up and put the company’s assets at the disposal of the country to help feed the nation. Morrisons is at the heart of local communities and responded quickly when it mattered most, and we are very grateful for the British public’s appreciation of all the vital work our colleagues are doing. I believe we are seeing the renaissance of British supermarkets.

“We are now looking forward to holding on to what we created in the first half, building on our colleagues’ inspiration and innovation, and sustaining the momentum of a broader, stronger Morrisons. I’d like to again thank every Morrisons colleague for their incredible efforts: you’ve earned your key worker status several times over“.