Morrisons is “in much better shape” than it was last year, as it further exploits its manufacturing capacity, analysts say, ahead of its first-quarter results, due on May 4.
Morrisons has reported an 11.6% increase in underlying profit to £337M, in a financial statement which the late Sir Ken Morrison “would have been very happy to observe”, according to analyst Shore Capital.
Beleaguered supermarket chain Morrisons has posted pre-tax profit down 52% to £345M for the full-year to February 1 and axed 380 jobs with the closure of 23 convenience stores.
Sir Ken Morrison, the outspoken former chairman of Morrisons, has launched a stinging attack on the retailer’s boss Dalton Philips, describing his strategy for the recovery of the troubled business as “bullshit”.
