Morrisons cuts prices after new profit warning March 13, 2014 MORRISONS sent shockwaves through the food retail industry yesterday after warning that underlying profits would halve this year and announced plans to spend £1bn on cutting prices over the next three years. Chief executive Dalton Philips said it will invest £300m this year to narrow the price gap with discounters, following similar moves by Tesco, [...]
3 ways Morrisons will change your supermarket March 13, 2014 Morrisons’ extensive and rapid loss last year, and its foreseeable future profit warning, perhaps put it ahead of other supermarkets in terms of how quickly it needs to change. But the changes it needs and is planning to make affect all mainstream supermarkets. Indeed, the shares of all of them have lost this morning on [...]
Morrisons shares slump 10pc after £176m loss March 13, 2014 Supermarket chain William Morrison has seen its shares drop by 10 per cent after reporting a pre tax loss of £176m for the year ended 2 February. Like-for-like sales were also down 2.8 per cent while turnover fell two per cent. The primary reasons for the losses were the £903m write-down relating to the value [...]
Ocado sales soar as Morrisons site gathers pace March 12, 2014 Online grocer Ocado has reported a jump in retail sales of 18 per cent to £218m, for the 12 weeks to 23 February. Average orders per week rocketed 18 per cent to over 155,000. Tim Steiner, chief executive officer of Ocado, commented: We are pleased with the continued growth in our business. We remain committed [...]
Morrisons shares leap as banks step up to finance buyout February 19, 2014 SHARES in Morrisons surged almost five per cent yesterday amid rumours that banks are working on a £5bn financing deal to support a private equity buyout of the struggling grocery chain. The Morrison family, which owns a 9.5 per cent stake, has approached several private equity firms including Carlyle Group and CVC Capital with the [...]
It’s Ken Again October 21, 2005 He is 74 but Ken Morrison is in no mood to slow down and take it easy. During the span of a career in the City a businessman usually plays the role of hero and villain. Sir Ken Morrison was typecast as the former until he acquired Safeway a year ago. In 2001 when it [...]
Morrisons to launch cost cutting drive October 21, 2005 Sir Ken Morrison revealed yesterday that he had no plans to quit the retail business his father founded and planned to lead the enlarged supermarket into the post-Safeway era. “My present intention is to stay around for another two to three years,” he said The conversion of former Safeway stores into Morrisons outlets will be [...]