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Morrisons reports worst profit results in eight years Morrisons reports worst profit results in eight years
(35 minutes later)
Supermarket chain Morrisons has reported its worst results in eight years, with pre-tax profits falling by more than half from a year prior. Supermarket chain Morrisons has reported its worst results in eight years, with pre-tax profits falling by more than half from a year earlier.
The struggling firm reported a pre-tax profit of £345m, down 52% from a year earlier. The struggling firm reported a pre-tax profit of £345m, down 52%.
"Last year's trading environment was tough, and we don't expect any change this year," said Morrisons chairman Andrew Higginson in a statement."Last year's trading environment was tough, and we don't expect any change this year," said Morrisons chairman Andrew Higginson in a statement.
New chief executive David Potts will start in the business on 16 March.New chief executive David Potts will start in the business on 16 March.
Mr Potts was picked to replace Dalton Philips, who announced his departure in January after five years at the helm of Morrisons.Mr Potts was picked to replace Dalton Philips, who announced his departure in January after five years at the helm of Morrisons.
The chain is battling falling sales. Meanwhile, it said the rollout of its M stores would be " slowed significantly", and that it would close 23 M local stores during the year, resulting in the loss of 300 jobs. It also said it would review its "site selection criteria" going forward.
It has been criticised for being slow in moving into the convenience store sector and in setting up an online operation. Breathing room
In order to give Mr Potts more financial headroom to work with as he seeks to revitalise the firm, Morrisons said it would slash its future dividend payment to 5p or less during the 2015-2016 period. That compares to a 13.7p payout per share in 2014-2015.
The chain is battling falling sales. It said that same-store sales fell by 5.9% for the full year, and by 2.6% in the fourth-quarter.
To woo consumers, Morrisons said it would invest more in cutting prices this year, as well as slow down its opening of more convenience stores.
Morrisons has been criticised for being slow in moving into the convenience store sector, as well as in setting up an online operation.
It is the UK's fourth-largest supermarket chain, trailing Tesco, Asda and Sainsbury's in annual sales.