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| Morrisons supermarket reports fall in half-year profits | Morrisons supermarket reports fall in half-year profits |
| (about 9 hours later) | |
| Morrisons, the UK's fourth largest supermarket chain, has reported a fall in half-year profits, citing "challenging" market conditions. | Morrisons, the UK's fourth largest supermarket chain, has reported a fall in half-year profits, citing "challenging" market conditions. |
| Pre-tax profits fell to £344m for the half-year to 4 August, compared to £440m in the same period last year. | Pre-tax profits fell to £344m for the half-year to 4 August, compared to £440m in the same period last year. |
| The "economic backdrop remains difficult for the consumer", said chief executive Dalton Philips. | The "economic backdrop remains difficult for the consumer", said chief executive Dalton Philips. |
| Morrisons is to offer online shopping from the end of January 2014 after finalising an agreement with Ocado. | Morrisons is to offer online shopping from the end of January 2014 after finalising an agreement with Ocado. |
| "Whilst early indications of a recovery in the UK economy are encouraging, we are yet to see this impact on consumers' pockets", the company said. | "Whilst early indications of a recovery in the UK economy are encouraging, we are yet to see this impact on consumers' pockets", the company said. |
| Total turnover for the period remained the steady at £8.9bn, the same as last year, but like-for-like sales - which strip out the effect of new store openings - fell 1.6%. | Total turnover for the period remained the steady at £8.9bn, the same as last year, but like-for-like sales - which strip out the effect of new store openings - fell 1.6%. |
| Morrisons' share price ended the day up 1.7% after the company said it expected an improvement in second-half sales performance. | |
| Online shopping | Online shopping |
| Some retail analysts believe Morrisons has struggled to keep up with its rivals - Tesco, Asda and Sainsbury's - because of its lack of online shopping facility and its slowness in rolling out smaller convenience stores. | Some retail analysts believe Morrisons has struggled to keep up with its rivals - Tesco, Asda and Sainsbury's - because of its lack of online shopping facility and its slowness in rolling out smaller convenience stores. |
| The company believes its £216m partnership agreement with Ocado, which also operates Waitrose's online shopping facility, will help it catch up, after writing off £27m trying to develop its own online business. | The company believes its £216m partnership agreement with Ocado, which also operates Waitrose's online shopping facility, will help it catch up, after writing off £27m trying to develop its own online business. |
| Morrisons said its was "on track" to have 100 convenience stores operating this year. | Morrisons said its was "on track" to have 100 convenience stores operating this year. |
| Its investment in online shopping and convenience stores will "increase our accessible market by around 40%", the company said. | Its investment in online shopping and convenience stores will "increase our accessible market by around 40%", the company said. |
| The popularity of online shopping was reflected in Ocado's own quarterly results released today. | The popularity of online shopping was reflected in Ocado's own quarterly results released today. |
| Its gross sales rose 16.4% to £189.2m for the 12 weeks to 11 August, compared to the same period in 2012, while the average number of weekly orders rose 15.3% to 138,889. | Its gross sales rose 16.4% to £189.2m for the 12 weeks to 11 August, compared to the same period in 2012, while the average number of weekly orders rose 15.3% to 138,889. |