Turnaround at Morrisons “will take time” says the company

Profits for the supermarket giant, Morrisons, declined by almost 30% during the 12 months to January 31, 2016, according to the company’s preliminary results which were released this morning.

Despite reporting underlying pre-tax profits of £242m for the year in question, down from £345m for the previous 12 months, Morrisons’ chief executive, David Potts, said that the company had “started the journey to turnaround the business and make our supermarkets strong”.

“Our strong balance sheet and cashflow provide the platform for turnaround and growth,” said Mr Potts (pictured above). “What makes us truly unique as food maker and shopkeeper, however, is the personality and dedication of our thousands of colleagues.

“I am confident these strengths will help us fix, rebuild and grow Morrisons.”

The company also reported that while it expected to realise the remainder of its £1bn three-year cost savings target during 2016/17, the turnaround of its business “will take time and will continue to require sustained investment”.

Morrisons is listed as a 100% British pork stockist in the latest Porkwatch summary. For other pigmeat products, however, the supermarket is 76% British for sausages, 71% British for ham and 55% British for bacon.

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