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10.09.2020

Morrisons profit hit by COVID-19

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The retailer has reported a $201.6-million hit to profits from costs related to the coronavirus crisis

Stocks impacted: Morrisons (MRW)

Morrisons said that costs linked to the pandemic were £155m ($201.6m) in the six months to 2 August. Its total revenues were down 1.1% to £8.73bn, reflecting the loss of fuel sales during the period. At the same time, the UK's fourth-largest supermarket chain reported that it had seen a surge in sales during the first half of its financial year in the run-up to - and during - the virus-related lockdown that began in March. The firm reported an 8.7% jump in like for like sales, with retail driving growth of 7.9% and wholesale contributing 0.8%. Without the costs associated with COVID and business rates relief profit before tax and exceptionals would have grown 6.1% year on year. The company’s stocks fell 4.31% following the report.

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