Insight Report 4 minutes PremiumMorrisons (LSE: MRW) 1H17 RESULTS: BETTER COMPS, IMPROVED OPERATING MARGINS Coresight Research September 16, 2016 Executive Summary The UK’s fourth-largest grocery retailer, Morrisons, reported 1H17 revenues down 0.4% but comps up 1.4%. Comps saw a sequential improvement and rose 2% in 2Q. This was the third consecutive quarter of positive underlying growth. Operating profit climbed 30%, helped by the progress of its plan to save £1 billion in costs over three years. This led to operating margins of 2.8%, up from 2.1% in the year-ago period. Profit before tax (PBT) rose 13.5%, and these gains trickled down to create a 2.4% increase in diluted earnings per share (EPS), taking it to 4.68 pence. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: Weinswig’s Weekly: Four Trends in How US Consumers Are Shopping for GroceriesFive Insights from eTail Boston 2023: Building Omnichannel Experiences, Unlocking the Power of Data, and MoreUS Consumer Tracker: More Consumers Get Out and AboutEarnings Insights 2Q23, Week 2: Columbia Sportswear, Clorox, Floor & Decor and Sprouts Farmers Market Post Solid Results; Amazon Sees Online Sales Improve
