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Morrisons reports profit rise for first time in four years

Morrisons made pre-tax profit of £157 million. Credit: PA

Britain's number four supermarket reported a rise in first-half profit for the first time in four years, suggesting its recovery is gaining momentum.

The Bradford-based grocery chain made an underlying pre-tax profit before restructuring costs of £157 million, 11% up from last year and ahead of analysts' average forecast of £150 million.

The supermarket, which follows Tesco, Sainsbury's and Asda in annual sales, reported a third straight quarter of underlying sales growth.

Sales at stores open over a year, excluding fuel, were up 2% over the second quarter, having increased 0.7% in the first quarter.

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Morrisons sells off its Local convenience shops

Credit: Andrew Matthews/PA Wire

Troubled grocer Morrisons is selling its M Local convenience shops so it can concentrate on its supermarkets.

It said it will sell 140 M local stores for around £25 million in cash to retail entrepreneur Mike Greene.

Mr Greene said the chain will be rebranded My Local, and he plans to keep all of its 2,300 staff. He added the new management plans to create 200 further jobs by opening 10 more stores.

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