Struggling UK supermarket group Wm Morrison has said it expects profit before tax, exceptionals and goodwill for the current year to fall within the £50m-£150m (US$91.9m-$275.7m) range.
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Analysts had forecast profit in a range of £225m-£275m, reported Reuters. Morrisons said it would comment further with its sales update at the end of July 2005.
“The board reiterates that in 2006/7 there remains every indication that financial performance will improve significantly following completion of the conversion process and as the benefits of the actions taken to normalise the cost structure of the business are reflected in improving margins,” the company said.
Morrisons acquired rival supermarket chain Safeway in March last year, but has struggled to turn around the performance of the chain. It has been converting stores to the Morrisons format, and selling off non-core stores, but unconverted stores are still dragging its performance down.
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