Not unexpectedly, Morrisons’ near £800m loss yesterday gets plenty of coverage with most of the focus on the £1.3bn property write-down and the closing of 23 convenience stores.

The Times (£) notes that Morrisons received £425 million in “marketing contributions and volume-based rebates” from suppliers last year as the way the supermarkets treat suppliers comes under scrutiny. The Independent worries there may be “trouble in store” for new CEO David Potts who is “in for one of the toughest gigs of his professional life”. The paper said: “Yesterday the true scale of the task at hand was laid bare by his chairman Andy Higginson, who left him with a stark message – fix it” (The Independent).

The major focus of yesterday’s John Lewis/Waitrose results is that John Lewis employees will receive their lowest bonus for 12 years after the partnership cut the annual payout for its 93,800 staff to 11% of salary. Staff will share £156.2m in bonuses this year, £47m less than last year, as profits at Waitrose dived (The Guardian).

The Daily Mail quotes Waitrose boss Mark Price as warning of “ten years of turmoil” as supermarkets play catch up with changing shopping habits. Price said: “Customers’ shopping habits are changing and supermarkets need to adjust. The evolution will not be resolved this year or next year. It will take the best part of a decade.” (The Daily Mail).

In The Telegraph, Graham Ruddick argues that food retailers will have to get used to “permanently” lower profits in the new, more competitive, environment for the grocers. “Food retailers are effectively facing a zero-sum game,” he writes. “They can focus on growing sales or profits, but not both.” (The Telegraph).

Sir Philip Green’s sale of BHS to a newly formed investment company has generated plenty of headlines – especially the £1 price-tag put on the department store chain. Green “gives himself the sack” is the verdict in The Times (£). While The Telegraph notes that the “strange world of M&A just got stranger”, with Allister Heath pointing to the unusual nature of the debt-free deal and the veil of secrecy around the people backing the deal (The Telegraph).

The Guardian has a timeline for troubled BHS, looking to explain how Britain fell out of love with high street favourite (The Guardian).

Elsewhere, The FT has a feature on the impact on communities of Tesco’s decision to abandon plans to build stores in 49 locations (The Financial Times £).

The Times Tempus column looks at Home Retail, which professes itself happy enough at the performance of Argos and Homebase since the start of the year, but “the market seems unconvinced” (The Times £).

Whisky producers are urging the Chancellor urged to cut duty as their sales slide continues (The Financial Times £)

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