Britain's fourth biggest grocer Wm Morrison posted its lowest profit in five years,slashed expectations going forward and said it plans to sell off one billion pounds ($1.66 billion) of its 9 billion pound property portfolio.
Morrisons, which trails market leader Tesco, Wal-Mart's Asda and J Sainsbury in annual sales, said on Thursday it now expected an underlying pretax profit in 2014-15 in the range of 325-375 million pounds after charging 65 million pounds of new business development costs and 70 million pounds of one-off, non-recurring costs.