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Morrisons reports £100 million fall in annual profit

Fall in profit

Bradford-based supermarket Morrisons has posted a full-year profit of £242 million after the chain closed stores in a bid to turn itself around.

The business saw underlying pre-tax profits fall from £345 million a year ago after closing unprofitable supermarkets and selling off convenience store outlets.

But it reported an improvement in like-for-like sales, with declines of 2% compared with a fall of 5.9% in 2014.

It comes after the group surprised the market over Christmas by reporting a 0.2% rise in like-for-like sales excluding fuel in the nine weeks to January 3rd.

It was one of the few major supermarket chains to report a sales rise in the key festive trading period, with the industry gripped in a fierce price war with discounters Aldi and Lidl.

Morrisons closed 21 unprofitable supermarkets in the period, and in September sold off 140 M local convenience business. Last year it also axed around 700 jobs at its head office as it cut back on costs.