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Morrisons Chief Executive Dalton Philips said it was investing £1 billion over the next three years in an aggressive price-cutting strategy to take on discounters such as Aldi and Lidl, saying:
Mr Philips said that after 2015/16 no new supermarkets would be built other than in exceptional circumstances though its network of convenience stores would continue to be developed.
Britain's fourth-biggest supermarket Morrisons slumped to an annual loss of £176 million today amid falling sales and one-off costs of £903 million.
The struggling supermarket fell into the red in the year up to February 2, after a profit of £879 million the year before.
The £903 million charge included write-downs on the value of its stores and its 2011 acquisition of online children's wear retailer Kiddicare, which it now plans to sell in the wake of a poor financial performance.
Like-for-like sales were down 2.8% for the year.