Morrisons ‘set to report worst profits since 2009’
A second straight annual profit fall from the supermarket group, the shares of which have fallen 19 percent over the past six months, will shine an unflattering spotlight on its late entry into online shopping and local convenience stores - the two fastest-growing retail market segments - as well as the intense competition from the rise of discounters Aldi and Lidl.
The Bradford-based company, which trails market leader Tesco, Leeds-based Asda and Sainsbury’s in annual sales, is forecast by analysts to report profit before tax and one-off items of between £734m and £805m for the year to February 2, according to a poll.
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