WM Morrison says its pre-tax profit took a hit in H1 due to COVID-19.
The British company reports £8.73 billion of revenue in the fiscal H1.
Morrisons hired 45 thousand new workers in the United Kingdom.
WM Morrison Supermarkets plc (LON: MRW) said on Thursday that its pre-tax profit came in lower in the first six months of the current fiscal year on an annualised basis. The company attributed the decline to the Coronavirus pandemic that has so far infected more than 358 thousand people in the United Kingdom and caused over 41 thousand deaths.
Shares of the company closed the regular session about 3% down on Thursday. At 186 pence per share, WM Morrison is now about 15% down year to date in the stock market after recovering from a low of 164 pence per share in March when the impact of COVID-19 was at its peak. Confused about choosing a reliable stockbroker to trade online? Here’s a comparison of a top few to make selection easier for you.
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Morrisons reports £8.73 billion of revenue in the fiscal H1
The COVID-19 crisis, the company added, increased costs in the fiscal first half and consequently resulted in lower revenue. In the first week of January this year, Morrisons had reported worst Christmas sales since 2014.
At £145 million, Britain’s 4th largest chain of supermarket said its pre-tax profit in the first half was significantly lower than £202 million in the same period last year. Extra costs related to the pandemic, as per Morrisons, were valued at £155 million in the six months that concluded on August 2nd.
In terms of revenue, the Bradford-based company recorded £8.73 billion in H1 versus a higher £8.83 billion in the comparable quarter of last year. The decline in revenue, Morrisons said, was primarily attributed to a sharp decline in fuel demand in recent months due to the Coronavirus pandemic.
Morrisons hired 45 thousand new workers in the United Kingdom
Excluding fuel and value added tax (VAT), Morrisons’ first-half sales on a comparable basis saw an 8.7% decline versus the year-ago figure. In the second quarter, however, the supermarket chain registered a 12% growth in this metric.
Morrisons’ board declared 2.04 pence per share of interim dividend on Thursday. In the first six months of the previous year, its interim dividend was announced at 1.93 pence per share. Morrisons revealed earlier this week that it had hired 45 thousand new workers since COVID-19 in the UK.
At the time of writing, WM Morrison Supermarkets plc has a market cap of £4.48 billion and has a price to earnings ratio of 12.87.
ASOS plc (LON: ASC) said on Thursday that its pre-tax profit more than tripled in the first six months of fiscal 2021. The company attributed its hawkish performance to the ongoing Coronavirus pandemic that boosted online shopping in recent months resulting in a 25% growth in H1 sales. ASOS shares that you can conveniently trade online via a range of user-friendly apps opened at £57.90 on Thursday and are currently trading lower at £56.94 per share. In comparison, the stock had started the year 2021 at £48.11 per share after recovering from a low of £10.60 per share in the first week of April, when the COVID-19 restrictions were at their peak. ASOS reports £1.98 billion of revenue Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. ASOS plc said its pre-tax profit in the six months that concluded on 28th February printed at £106.4 million. In the same period last year, its profit before tax was capped at a sharply lower £30.1 million. The online fashion and cosmetic retailer valued its revenue in the first half at £1.98 billion versus the year-ago figure of £1.60 billion. ASOS said its sales jumped 16% in the United States, 18% in Europe, and 39% in the United Kingdom. Its sales in the rest of the world, the company added, also saw a 16% year over year growth. For the second half, ASOS said its guidance remains unchanged. It, however, forecasts better than previously expected performance for the full financial year, thanks to robust results in fiscal H1. In January, the retailer had warned of a £15 million hit due to the post-Brexit tariffs. Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account CEO Nick Beighton’s comments on Thursday Chief Executive Nick Beighton commented on the earnings report on Thursday and said: “Looking ahead, while we are mindful of the short-term uncertainty and potential economic consequences of the continuing pandemic, we
Hungry residents of Stuyvesant Town’s and Peter Cooper Village’s 11,241 apartments will finally have a pasta and pizza mecca to call their own. A major-league restaurant team will open Rosemary’s Stuy Town, a jumbo sister eatery to the West Village’s popular Rosemary on Greenwich Avenue, next week at 350 First Ave. at East 20th Street. The mammoth mecca for moderately-priced Italian cuisine will have 282 indoor seats and 100 more alfresco ones. Stuy Town and Cooper Village have seen some dramatic ownership changes over the past 15 years, but the iconic properties never had a landlord-backed eatery in their 75-year history. Chef Ed Carew, who worked with former B.R. Guest owner Stephen Hanson at Fiamma and was recently with the Ace hotel group, presides over a menu heavy on pasta and pizza, all below $20 and most around $17, said New York restaurant pro Alex Gaudelet. Choices combine original Rosemary’s favorites and sourdough pizza from spinoff Village pizza spot Roey’s. The light and airy design by Soho-based architect Dolores Suarez, who is Rosemary’s owner and creator Carlos Suarez’s cousin, features a half-dozen skylights. The floor is divided into several dining rooms of which the largest seats 110. Two private rooms seat