Last year's Competition Commission report has failed to break the the biggest multiples' stranglehold on sites, according to Morrisons MD John Dowd. Speaking at the launch of its annual results, he said: "We would be keen to expand into other areas of the country, but in terms of planning changes, the Competition Commission report was a major disappointment. "If we put a store in any location we will reduce prices in that area. We are prepared to go head to head with anyone and we said that to Competition Commission, but nothing happened." Morrisons has announced plans to open its first stores in South Wales, Barry and Rogerstone, during the next financial year, but it is still struggling for sites in the south east. It has no stores south of London and two on the city's outskirts, at Erith and Chingford. Dowd said: "London is attractive and we would definitely like to open more stores there." Morrisons has plans for seven new stores in the next financial year, compared to the 12 it opened last year, taking its total 114. The retailer reported record pre-tax profits up 15.8% to £219m for the 53 weeks to February 4, on turnover up 18.2% to £3.77bn. It said TNS figures showed it to be the fasted growing national multiple. Dowd attributed the sucsess to "straightforward no frills retailing at low prices". And he added: "We emphaticcally have no plans for internet shopping. We are very sceptical and can see no value in it. And we will not be going into non foods in a big way ­ TVs and the like. Non food is currently less than 5%. We are a grocer and we will play to our strengths." {{NEWS }}

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