Morrisons is to close another 11 loss-making stores as the supermarket price war continues to bite. The announcement comes a day after the grocer sold its 140 convenience stores to retail entrepreneur Mike Greene and Greybull capital for £25m (at a loss of £30m).
Like the rest of the Big Four, Morrisons is under siege from the hyper-efficient, low-cost German invaders Aldi and Lidl. The good news is that the initial bombardment may be over – Morrisons’ like-for-like sales decline slowed to -2.4% in its last quarter, from a high of -7.6% in mid-2014.
The bad news is that the war is not. Pre-tax profits continue to fall, dropping a painful 47% to £126m for the six months to August 2.