WM Morrison drops as profits fall despite sales growth
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Supermarket WM Morrison (LON:MRW) has reported that like-for-like sales excluding fuel for the half year to 5th August were up by 4.9%, with particularly strong growth in the second quarter. Group revenues rose by 4.5% to £8.8 billion.
Reported profits before tax dropped 29% to £142 million, but this was impacted by a number of adjustments including £28 million linked to a change in the method of calculation.
Chief Executive David Potts said: “Strong growth, including our best quarterly like-for-like sales for nearly a decade, together with another special dividend for our shareholders, shows how new Morrisons can keep improving for all stakeholders.
“Morrisons continues to become broader, stronger and a more popular and accessible brand, and I am confident that our exceptional team of food makers and shopkeepers can keep driving the turnaround at pace.”
Shares in Morrison fell by 1.35% to 262.20p (as of 10:45 BST).
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