FINANCE: Morrisons is to shut 23 M Local stores and delay “significantly” delivery of more M stores following a year-on-year drop in profit before tax of 52% for the year ending 1 February.
In its preliminary results for the year ending 1 February like-for-like sales were down by 5.2% compared with a 2.8% drop at the same point last year.
Proceeds from property disposal stood at £448m, providing a profit of £131m.
The company’s property portfolio was valued at £8.5bn, down from £9bn a year ago.
Chairman Andrew Higginson 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.”
