Morrisons said that its 10.2% interim profit was pegged back by £6.6m of costs relating to its bid for Safeway.
Executive chairman Sir Ken Morrison said the referral of its proposed merger by the OFT to the Competition Commission had created “a great deal of work”. Sir Ken noted that the company had presented its case strongly to the authorities and waited eagerly for the outcome. But stressed it had not deflected its focus to “sustain and develop” existing business.
Analysts at Numis believe that the OFT will clear Wal-Mart to bid for Safeway and that “financial clout” at the US giant will see it takeover the chain.
Numis added that Morrisons could pick up between 30 and 50 stores that Wal-Mart would be forced to sell by the Competition Commission, to boost its presence in Scotland and the south east of England.
Morrisons said for the first five weeks of the second half total like-for-like sales including petrol were up 9.6%.
Pre-tax profit for the period to August 10 rose 10.2% to £126.2m from £114.5m, while turnover increased by 14.8% to £2.5bn.
Total supermarket sales were up 16.6%.
Executive chairman Sir Ken Morrison said the referral of its proposed merger by the OFT to the Competition Commission had created “a great deal of work”. Sir Ken noted that the company had presented its case strongly to the authorities and waited eagerly for the outcome. But stressed it had not deflected its focus to “sustain and develop” existing business.
Analysts at Numis believe that the OFT will clear Wal-Mart to bid for Safeway and that “financial clout” at the US giant will see it takeover the chain.
Numis added that Morrisons could pick up between 30 and 50 stores that Wal-Mart would be forced to sell by the Competition Commission, to boost its presence in Scotland and the south east of England.
Morrisons said for the first five weeks of the second half total like-for-like sales including petrol were up 9.6%.
Pre-tax profit for the period to August 10 rose 10.2% to £126.2m from £114.5m, while turnover increased by 14.8% to £2.5bn.
Total supermarket sales were up 16.6%.
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