Morrisons investment in Derby store cannot prevent slump in profits
SUPERMARKET chain Morrisons, which recently invested £1.7 million in its Derby store, has reported a fall in profits and sales.
The company, which has a store in Wheatcroft Way, said pre-tax profits fell by 7.2% in the year to February 3 to £879 million.
Sales were also down 2% compared to the previous 12 months.
Last autumn, the chain invested heavily in its Derby supermarket, introducing its “store of the future” concept.
The renovation included the creation of a new deli, meat, fish and cake counters, plus an area that sells hand-tied flowers.
The fresh produce section also had an overhaul, with new lines of exotic fruits and vegetables on offer.
In its full-year results, which were released this morning, the firm said it would begin selling food online by the end of the year.
Morrisons is the UK’s fourth largest supermarket, but unlike rivals such as Tesco, Sainsbury’s and Asda, it does not have an online retail presence.
Morrisons, which is looking to open a new supermarket at Ripley’s Gateway development, in Nottingham Road, said it would open 100 convenience stores in the coming months.