Morrisons Reports Over £1bn Loss Amid Soaring Debt Costs

The UK supermarket chain struggles with financial pressures following a private equity takeover, as new CEO aims for a turnaround.

Morrisons plunged to a £1bn loss last year due to a surge in debt interest payments after being acquired by Clayton, Dubilier & Rice.
The retailer's finance costs grew to £735m, with debt-financing bills 23% higher than the previous year.
New CEO Rami Baitiéh, who replaced David Potts in November, has vowed to reinvigorate the business and match prices with German discounters.
Revenue slipped to £18.4bn from £18.7bn in 2023, while underlying profits rose to £970m from £911m.
Morrisons sold off its 337 petrol forecourts to Motor Fuel Group in a £2.5bn deal to help pay down its £5.4bn debt pile.