Wm. Morrison 1st Half Pretax Profit Rose 49%; Extends Amazon Partnership
September 12 2019 - 2:55AM
Dow Jones News
By Adriano Marchese
Wm. Morrison Supermarkets PLC (MRW.LN) said Thursday that pretax
profit rose 49% in the first half of fiscal 2020 and announced an
extension of its relationship with Amazon.com Inc. (AMZN).
For the 26 weeks ended Aug. 4, the British grocer made a pretax
profit of 202 million pounds ($249.3 million) compared with GBP136
million during the same period in fiscal 2019.
Revenue for the period rose 0.4% to GBP8.83 billion. On a
like-for-like basis, group sales, excluding fuel and VAT, rose 0.2%
in the period.
The board has declared an interim dividend of 1.93 pence a
share, which compares with last year's 1.85 pence. Additionally,
the company said it would issue a special dividend of 2.0 pence a
share, taking the total half-year payout to 3.93 pence.
Wm. Morrison, the fourth largest grocer by market share, said it
has extended the agreement to expand its Amazon Prime Now to more
cities across the U.K.
The grocer said that in the second half, it is planning for
retail like-for-like sales to improve, and for various cost savings
opportunities.
The company said it remains on track for its medium-term target
of GBP75 million to GBP125 million incremental profit from
wholesale, services, interest and its online segment.
Write to Adriano Marchese at adriano.marchese@dowjones.com
(END) Dow Jones Newswires
September 12, 2019 02:40 ET (06:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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