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Morrisons posts £176m loss in 'disappointing year' Morrisons £176m losses force major restructuring
(35 minutes later)
Supermarket chain Morrisons has reported a £176m loss for the year to the end of February, down from a profit of £879m the year before.Supermarket chain Morrisons has reported a £176m loss for the year to the end of February, down from a profit of £879m the year before.
It said it was going to reorganise to take on discount supermarkets like Aldi and Lidl head-on.
And it warned that profits in the coming year would be less than £375m, around half their level last year.
Chairman Sir Ian Gibson called it a "disappointing year for Morrisons" as turnover fell by 2%.Chairman Sir Ian Gibson called it a "disappointing year for Morrisons" as turnover fell by 2%.
He said that consumer confidence and market conditions had continued to be challenging. The company was hit by a one-off £903m exceptional cost, due to property costs and a disappointing performance from Kiddicare, its baby products business.
The firm said the challenging consumer and market environment in 2013 would continue through the coming year. It is planning to sell Kiddicare and its stake in New York based food retailer, Fresh Direct.
The company was hit by a one-off £903m exceptional cost, 163m of which was due to a disappointing performance from Kiddicare, its baby products business. Morrisons increased its dividend by 10% but said dividends would increase more slowly in coming years.
It is planning to sell Kiddicare and Fresh Direct, its wholesale fresh food service business. It is planning to invest some £3bn in its core supermarket business.
Morrisons increased its dividend by 10%. Speaking to the BBC Chief Executive Dalton Philips, said: "The fact is there are new entrants into the market, they're called the discounters. Customers do shop in them and we're going to recognise that.
"We have identified over a billion pounds that we can take out of our business now and that billion pounds is going to be invested back into our proposition to get those lower prices for our customers."