Sep 28, 2022
Morrisons third-quarter profits fall by half as inflation hits
Wm Morrison, which recently lost its place as Britain's fourth biggest supermarket chain, reported a near halving of profits in the third quarter as "Unprecedented inflationary pressures" hit its food manufacturing operations. Morrisons has always been more vertically integrated than other major supermarkets, with around half of its fresh food produced in-house. Morrisons said some of the decline was due to "Temporary and transitional factors" such as alterations to the group's loyalty scheme. The change in its financial year-end from January to October following its takeover by private equity group Clayton, Dubilier and Rice last year meant that income from supplier advertising and promotions now falls in the fourth quarter not the third. "We are doing everything we can to keep prices down for customers," said Potts, the only one of the trio of executives who ran Morrisons when it was a quoted company to remain at the company.
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