first half of the year, following its price cutting strategy.
The company said underlying profit before tax had dropped by 51% from £371m to £181m for the period to 3 August 2014 and that LFLs were down by 7.4%.
Earlier this year Morrisons embarked on a three-year £1bn investment programme to cut prices and plans to open 200 new sites.
Sir Ian Gibson, non-executive chairman, said: “Our first-half results reflect the reset of the business we announced in March. Morrisons is now well under way with building the foundations for a better future. The board is confident of the new strategy and Morrisons’ financial position remains strong.”