Morrisons profits down seven per cent

(Pictured: Morrisons store, Source: Getty Images)
Morrisons, the UK’s fourth largest food retailer with over 400 stores, has released full year results for the year ended 31 December (results). The firm has seen pre-tax profits fall by seven per cent to £879m.
Chairman Sir Ian Gibson:
"Although this has been a difficult year in trading terms for Morrisons as we struggled to grow sales in a tough consumer environment, we have delivered a 7% improvement in underlying earnings per share and announced a 10% dividend increase, in line with our previously stated policy. It has also been a period of significant strategic progress as we continue to lay the foundations for future growth".
The supermarket says that it “sources and process most of the fresh food that we sell though our own manufacturing facilities, giving us close control over provenance and quality; and we have more people preparing more food in store than any other retailer.” This has allowed Morrisons to weather the horsemeat scandal better than several of its competitors.
Morrisons confirms that it is in talks for a joint venture with online grocer Ocado.