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Morrisons closes stores

Morrisons-THUMB.jpegMorrisons has sold more than 50,000 sq ft of space in the three months to 3 May, closing more stores than opening them during the period.

Like for like sales, excluding fuel, fell by 2.9% over this period, a larger drop than that reported for the previous quarter, during which sales dropped by 2.6%.

This was the first announcement that new chief executive David Potts has made since joining on 16 March.

The group is now taking steps to simplify its head office, anticipating incurring associated one-off costs of £30m-£40m during 2015-16.

Net debt fell by around £150m, to £2.2bn, compared with £2.3bn at the end of 2014-15.

Potts said: “My initial impressions from my first seven weeks are of a business eager to listen to customers and improve. I have been very pleased by the desire and support of colleagues, and by the genuine warmth and affection for Morrisons shared by both colleagues and customers.”

amber.rolt@estatesgazette.com

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