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Morrisons revealed profit fell by 43pc in the six months to August as it prepares to kick off an auction to decide between two US private equity suitors.
The supermarket chain fell from a pandemic half-year profit before tax of £145m this time last year to £82m as it counted the cost of cafe closures and Covid expenses.
Direct Covid-19 costs amounted to £41m and Morrisons also lost £80m in profit from closed cafes, fuel and food-to-go sales.
However, the retailer said it expected full-year profit before tax to beat last year’s £431m.
Shares edged higher yesterday after it confirmed it will kick off an auction to decide between rival offers from CD&R and Fortress, two American private equity outfits, that could exceed £9bn.
Total revenue including fuel rose 3.7pc to £9.05bn, but excluding fuel like-for-like sales were broadly flat year on year. Online sales surged 48pc higher year on year, and are up over 200pc compared to 2019.
Morrisons also warned of higher prices in the second half, driven by higher commodity costs and a shortage of lorry drivers.
“We…