date:Mar 17, 2014
ibson, the chairman, described the strategy as a reset of the profit base. That is the polite way of putting it. Morrisons results were tantamount to a permanent profits warning. The company said that underlying profits this year will be between 325m and 375m less than half of what was achieved in 2013.
This is partly because Morrisons has made a series of strategic blunders including investing in convenience stores and the internet later than its rivals, and focusing on developing its fresh