The Northern based supermarket Morrisons has suffered an annual loss of £1bn as it battles intense competition and under the weight of debt.
Its parent Company reported the loss before tax, on sales of £18bn in the year to October last year and revealed that it also reduced its staffing levels by almost 9,000 workers to just 105,000 employees.
The chain was bought for £7bn by US private equity firm Clayton, Dubilier & Rice (CD&R) in 2021,
The retailer said that last year’s pre-tax loss reflected the impact of various non-cash items and that “the underlying performance of the business is strong”.
Operating profit before exceptionals was £70m, reversing a loss of £63m the year before.
“Morrisons’ financial performance highlights the progress the company has made, delivering six consecutive quarters of like-for-like growth.”
