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Morrisons a loser for the first time

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24/03/2006

Supermarket Morrisons has reported its first ever trading loss, due to the £375m cost of integrating Safeway into its corporate structure.

The Bradford-based group posted a loss of £312.9m for the year to 29 January on a turnover of £12.1bn, although excluding the exceptional Safeway costs it recorded pre-tax profits of £61.5m.

Chairman Sir Ken Morrison said: “The past year has been an extremely challenging one, but I’m confident that we can deliver significant improvements in performance in the next 12 months with a wide range of initiatives.”

Retail analyst Debbie Harrison said: “These are bad figures for Morrisons and will only increase shareholder dissatisfaction.”

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