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7mo ago

Morrisons Reports £22m Loss Amid Debt Reduction Efforts and Slowing Sales

The supermarket chain's debt fell to £4bn, but sales growth slowed to 2.9% in a softer UK grocery market.

Overview

  • Morrisons reported a £22m loss in the latest quarter, down from a £39m loss in the same period last year.
  • The company has significantly reduced its debt from a peak of £6.2bn to £4bn by the end of July.
  • A £331m property deal involving the sale and leaseback of 76 supermarkets is expected to further reduce debt.
  • Like-for-like sales growth slowed to 2.9%, compared to 4.1% in the previous quarter, amid a softer market.
  • CEO Rami Baitiéh is implementing a turnaround plan, including price-matching against Aldi and Lidl, to improve market share and customer satisfaction.