Mar 9, 2017
Morrisons profit rises as recovery continues
Morrisons warned of "Uncertainties" ahead, particularly of price rises of imported food if sterling stays at lower levels. The pound fell sharply after the Brexit vote last summer, leaving retailers with the choice of raising prices or seeing their profits squeezed. Morrisons has been in the throes of a reorganisation for the past two years, led by chief executive David Potts, who took over the running of the business from Dalton Phillips in February 2015. Changes have included pulling out of running smaller convenience stores under the M name, as well as a focus on cutting prices. The company said its Price Crunch initiative had encouraged more customer visits.
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