Morrisons: shares dip after group's annual results
(CercleFinance.com) - Shares in Morrisons have dipped 1.
5% in early trading today, in a bullish British market as the supermarket group reported its preliminary results for the financial year ended 4 February 2018.
The retailer - which calls itself "stronger" and "more competitive" - said profit before tax rose 16.9% to 380 million pounds over the past fiscal year, on revenue up 5.8% at 17.3 billion pounds.
Group like-for-like sales, ex-fuel/ex-VAT, grew by 2.8%, compared to just 1.9% in 2016/2017.
"Morrisons is now entering its third consecutive year of growth," said chairman Andrew Higginson after these figures.
Even so, the shares are currently down 1.5% at 222.7 pence, with the stock's valuation possibly explaining its decline.
The shares have had a decent run since the beginning of the year, having risen by almost 2%, versus a 7% fall in the FTSE 100 index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5% in early trading today, in a bullish British market as the supermarket group reported its preliminary results for the financial year ended 4 February 2018.
The retailer - which calls itself "stronger" and "more competitive" - said profit before tax rose 16.9% to 380 million pounds over the past fiscal year, on revenue up 5.8% at 17.3 billion pounds.
Group like-for-like sales, ex-fuel/ex-VAT, grew by 2.8%, compared to just 1.9% in 2016/2017.
"Morrisons is now entering its third consecutive year of growth," said chairman Andrew Higginson after these figures.
Even so, the shares are currently down 1.5% at 222.7 pence, with the stock's valuation possibly explaining its decline.
The shares have had a decent run since the beginning of the year, having risen by almost 2%, versus a 7% fall in the FTSE 100 index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.