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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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