Morrisons has unveiled plunging profits and like-for-like sales (LFLs) for the first half of the year, following its price cutting strategy.

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.”

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