May 11, 2021

Wm Morrison hints at cash return for shareholders after a ‘good start’ to the year

Wm Morrison hinted at improved cash returns to investors after reporting a "Good start" to its financial year. The UK's fourth-biggest supermarket chain pledged to "Refresh" its long-term capital allocation plans at interim results in September and said the financial year ending 2023 should be "Another year of meaningful profit growth". Same-store sales for the 14 weeks to May 9 were up 2.7 per cent versus the same period last year, Morrison reported. Its full-year results showed revenue down 57 per cent to £25.8m resulting in a pre-tax loss of £6.5m from a £1.3m profit the year before. The Colonial Pipeline Company, which is backed by a group of investors including private equity group KKR and the Koch Industries conglomerate, said it would restore most service by the end of the week.

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