News article

Underlying profit rises at Morrisons

Underlying profit rises at Morrisons
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Morrisons has recorded a 22 per cent rise in underlying profit before tax for the first half of the financial year.

The supermarket chain said that it has met its financial targets for the six-month period after seeing the figure rise to £359 million, news that may interest those trading Morrisons shares on the stock market.

Total turnover, which rose five per cent when compared to the pervious half, was up to £7.5 billion, while like-for-like stores sales climbed 7.8 per cent thanks to food inflation, increased customer numbers and an increase in spending.

Despite this, there was a ten per cent drop in like-for-like fuel sales, with the decrease in the average price of petrol and diesel cited as a reason for the slide.

The group said in a statement that it opened 22 new stories in the six-month period, adding that it has "made good progress" with plans to change from "being a national presence to a truly nationwide retailer".

Shares in Morrisons were down 3.5p to 281p at 14:21 BST.ADNFCR-1681-ID-19355483-ADNFCR