Morrison reports profits up 9%

22 September 2000

Morrison reports profits up 9%

SUPERMARKET group William Morrison has reported a rise in first half profits of 9.1% before exceptionals, reports The Daily Telegraph.

The Bradford-based group is picking up market share from rivals with its lower prices and better products, says the newspaper.

Profits of 86.4 million in the 27 weeks to 7 August, excluding a 5.2m gain from a property sale, exceeded expectations.

The 101-store chain plans to open five more stores outside its northern base.

It hopes the Competitions Commission report on supermarket competition will make locations easier to find.

Chairman Sir Ken Morrison said it was difficult to bring down prices when the cost of sites was so high.

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