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Morrisons Reports 8% Profits Rise

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Supermarket group Morrisons has reported an 8% rise in profits after seeing record customer numbers over the first half of its financial year.

Despite a challenging trading environment, which the Bradford-based chain expects to continue for "some time to come", underlying profits in the six months to July 31 lifted to £442 million from £410 million a year ago.

Morrisons said it was the fifth year in a row it had outperformed the rest of the grocery market, as half-year turnover lifted 7.4% to £8.7 billion and it grew like-for-like sales by 2.2% over the period.

The company said longer opening hours, its focus on fresh produce and initiatives such as its price crunch campaign helped draw in a record average of 11.5 million shoppers to its stores each week.

A big increase in the current climate, but then again people can't do without food.

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A big increase in the current climate, but then again people can't do without food.

They know how to run the special offers (usualy majority subsidised by the food manufacturers) better than the others in the big 3. They are now targets special offers when the less well off shoppers pay days have just happened, they know it is pointless to run special offers when the shoppers can afford stuff as they don't get the volume uplifts.

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