Morrisons has posted a reduced full-year profit of £242 million following a 52-week period that involved numerous store closures and the effects of the supermarket price war.

In the year to 31 January 2016, the Bradford-headquartered business saw underlying pre-tax profit fall from £345m a year ago.

The most recent financial year also saw Morrisons sell off its c-store outlets.

Despite this, Morrisons reported an improvement in like-for-like sales, with declines of two per cent, compared with a fall of 5.9 per cent in 2014.

This announcement comes after the group surprised the market over Christmas by reporting a 0.2 per cent rise in like-for-like sales excluding fuel in the nine weeks to 3 January, and also comes on the back of last week's announcement of a tie-up with Amazon.

Topics