Morrison warns of difficulties
25 May 2001
Morrison warns of ‘difficulties’
By FWi staff
SUPERMARKET chain William Morrison has warned that “formidable trading difficulties” have hit profitability, reports The Daily Telegraph.
While like-for-like sales during the first 13 weeks of the financial year were 7.7% ahead, chairman Sir Kenneth Morrison said margins were under pressure.
A “harsh climate” in the petrol-pump business, high oil prices and the strength of Sterling against the Dollar were causing difficulties, he admitted.
Sir Kenneth said investment in manufacturing and support facilities allowed Morrison to respond quickly to changes brought by foot-and-mouth.
- Morrison reports profits up 9%, FWi, 22 September, 2000
- The Daily Telegraph, 25 May, 2001, p39
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