Big profits fall for Morrisons

Morrisons has slumped to a loss of �792m

Morrisons has slumped to a loss of �792m

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Supermarket Morrisons has slumped to a loss of £792m after it wrote down the value of its store estate in the face of tough market conditions.

The struggling chain also highlighted another year of falling sales as underlying profits – excluding the £1.3bn one-off property hit – fell 52 per cent to £345m in the year to February 1.