Morrisons cut thousands of jobs last year amid major turnaround strategy
- Morrisons cut almost 5,000 jobs over the past year, reducing its average workforce from 101,144 to 96,232 employees.
- The supermarket chain posted an annual pre-tax loss of £629 million before exceptional items, with net debt rising to £7.52 billion.
- Annual revenue grew by 2.8 per cent to £15.7 billion, whilst underlying earnings remained stable at £835 million despite cost pressures and a cyber incident.
- Job losses included more than 4,200 shop-floor positions alongside manufacturing and distribution roles, largely driven by service closures and natural attrition.
- Chief executive Rami Baitieh is implementing a major turnaround strategy to help the retailer recover market share lost to discounters Aldi and Lidl.
More bulletins