Analysts expect new Morrisons chief executive to be welcomed into his new role with confirmation that the supermarket chain is back in growth mode.
Three weeks into his new job, new Morrisons ceo Marc Bolland should extend his honeymoon period on Thursday, with city analysts expecting the group to announce a near fourfold increase in underlying pre-tax profits to around £120 million at the half-year stage.
Like-for-like sales have continued to grow at around five per cent, although after taking account of store disposals, actual sales are expected to show a 2.2 per cent reduction.
Brokers at Merrill Lynch expect the group to declare overall pre-tax profits of only £43m after deducting exceptional costs for continuing reorganisation.
Operating margins are likely to work out at 2.4 per cent, against the six per cent plus recorded by market leader, Tesco, reiterating to Bolland that there is still some improvement to be made.
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