date:May 09, 2014
sales are unlikely to improve any time soon, Chief Executive Officer Dalton Philips said April 30 after the grocer stepped up the battle against discounters Aldi and Lidl and said it would cut prices by 1 billion ($1.7 billion) over three years. Of the UKs big four grocers, Morrisons has been hurt the most by the march of the budget chains, which are winning shoppers with cheap and low-frills offerings.
Its probably Morrisons' worst ever performance, said Andrew Gwynn, an analyst at Exane BNP P