Morrisons have reported a halving in annual profit as a COVID-19-related jump in sales was more than offset by the huge extra costs of the crisis.
The group said it made profit before tax and exceptional items of £201 million pounds in the year to Jan. 31, prior to a business rates payment of £230 million pounds. That compared to analysts’ average forecast of £200 million and £408 million made in 2019-20.
Profits were hit by the cost of hiring tens of thousands of additional workers, staff sick pay and in-store measures to deal with the pandemic.
Morrisons also lost revenue from in-store cafes, which were forced to close, while demand for fuel has been subdued during the crisis.
However the group says it is to extend its 10% discount for NHS workers which it introduced last April until the end of the year
