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News
Morrison’s mare of a month
Sales in converted Morrisons stores were up 10.9% in the year to end of January 2005
WHAT a month it’s been for orrisons. The northern-based retailer hit the news pages first with a profit warning, then a disappointing set of preliminary results, which prompted the unexpected resignation of its finance director and sweeping changes at board level.
The retailer announced a fall in pre-tax profit of 7% to £297. 1m last year and a fall in like-for-like sales in core Morrisons stores, which (excluding fuel) have slipped 1.2%.
Sales in unconverted Safeway stores had improved, however, with like-for-like sales, excluding fuel, down 0.5% over the last six weeks, compared with a fall of 6.8% last year.
Sales in converted Morrisons stores were up 10.9% in the year to end of January 2005, and the average spend per basket had risen by £2 to £21, which provided some light belief for investors.
But it wasn’t enough for finance director Martin Ackroyd to be spared as he, "decided to step down from the board".
Following swiftly on from Ackroyd’s departure, Bob Stott was appointed chief executive, Marie Melnyk continues as managing director but now with responsibility for the company’s trading and marketing, and David Jones was also appointed as non-executive deputy chairman.
A new finance director will be appointed in due course.