Speaking at the supermarket’s annual general meeting yesterday (June 5), Morrison listened to Philips’ presentation before slamming the strategy in language couched in terms of his hobby farming business.
“When I left work and started working as a hobby, I chose to raise cattle,” said the 82-year old, multi-millionaire Morrison. “I have something like 1,000 bullocks and, having listened to your presentation, Dalton, you’ve got a lot more bullshit than me.”
‘You’ve got a lot more bullshit than me’
The attack drew loud applause from the hundreds of shareholders who attended the agm at the retailer’s Bradford headquarters.
Morrisons lost £176M last year, as shoppers deserted its stores for discount outlets such as Lidl and Aldi. The retailer is investing £1bn in price cuts over the next three years in a bid to battle the discounters, while opening convenience stores and developing its online offer.
Morrison’s tirade crowned a week of bad news for the retailer. The bad news included: press reports of up to 2,000 job cuts, the announcement of chairman Sir Ian Gibson’s decision to step down and the ruling that it had breached the Groceries Supply Code of Practice by overcharging suppliers.