David Potts, chief executive, said the financial year has started well.
“We are improving the shopping trip in many different ways, which is making Morrisons more popular and accessible for customers. These new initiatives in-store, online, in wholesale and services are beginning to build a broader, stronger Morrisons.”
HSBC: The bank reported better than expected first-quarter profits and an improved capital position.
Pretax profit for the first three months of the year fell from $6.1 billion a year ago to $5 bn, better than the $4.3 billion expected by analysts.
The profit hit was because of a change in the accounting treatment of the fair value on its debt and because its earnings last year included the operating results of the Brazil business that it sold in July.
Revenue in the quarter dropped 13% to $13 billion. However, the bank’s adjusted profit before tax, excluding the exceptional items, rose 12% in the quarter to $5.9 billion.