Morrisons cuts another 3,600 jobs
Cost cutting efforts helped Morrisons swing to a pre-tax profit of £2.1billion for 2024, having suffered losses of £919million and £1.3billion in the previous two years respectively. However, it saw group revenues slump from £18.3billion to £17billion for the year.
Morrisons' market share has increasingly come under pressure from European discounters, with Lidl poised to take its spot as Britain's fifth largest supermarket after double-digit growth in the second quarter. The group has already lost its position as the fourth-biggest grocer in Britain to Aldi.
Job losses in the year to the end of October 2024 were compounded in March when Morrisons announced it cut more than 350 jobs across its cafes, convenience stores, florists and fresh food counters following the introduction of higher labour costs in last year's Autumn Budget .
Morrisons is now alone among the supermarket sector in pushing ahead with staff cuts, with Aldi, Tesco and Sainsbury's all announcing job losses since the Autumn Budget.
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