REPORTERSHUB. - Morrisons To Shut 11 Stores As Profits Plunge

Morrisons To Shut 11 Stores As Profits Plunge

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Morrisons is planning to close another 11 stores, placing more than 900 jobs at risk, as it seeks to grow sales and profitability within its turnaround plan. The chain announced its half-year results within 24 hours of confirming it was selling off its convenience store operation to concentrate on growing its core supermarket offering. The results for the six months to 2 August showed there was still much to do to arrest declining business, with like-for-like sales falling 2.7% in the period. Underlying pre-tax profits, a measure which included restructuring costs, tumbled by 35% to £117m while total profit before tax was 47% lower at £126m.

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UK

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Economy & Finance

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Morrisons To Shut 11 Stores As Profits Plunge

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735

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2015-09-10

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