Sep 10, 2020

Morrisons sales rise but profits hit by Covid costs

Sales at Morrisons surged in the first half of its financial year but the supermarket saw profits drop because of coronavirus-related costs. Morrisons said like-for-like sales, excluding fuel, rose by 8.7% in the six months to the beginning of August. It also said poor fuel sales hit income as more people worked from home. Morrisons said the extra costs had been partly offset by four months of business rates relief of £93m,. In March, all UK retailers were given a one-year business rates holiday as the country entered lockdown. The decision prompted criticism because supermarkets have seen sales grow strongly during the pandemic.

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