Morrisons: worst profit results in nearly a decade
Chairman Andrew Higginson said: "This has been a controlled and a planned reset of the business - it is painful, but it is the start of a new growth period we hope."
Morrisons are going to slow down the rollout of their M shops, and they would be closing 23 M local stores through 2015 while reviewing their "site selection criteria" as they proceed. As a result of all this, the company's shares dropped by more than 2%.
"Last year's trading environment was tough, and we don't expect any change this year," said Higginson in a statement.
Through all this, Morrisons is fighting against falling sales, with same-store sales dropping by 5.9% for the full year. This means they're going to start slashing the prices of products in a bid to get people back through their doors, but dropping the prices on products no-one wants could be a problem for the supermarket.
Can the new chief executive, David Potts, turn things around for the ailing business, or is he doomed to failed because no-one cares?