Lady Lynne Morrison ?

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Morrison is considering a share buyback

The British supermarket chain is expected to announce next week a program to repurchase shares of a billion pounds over the next two years, the newspaper said, citing a study by RBS. The company's founder, Sir Ken Morrison, would have surrendered much of its actions even if the family remains a large majority, according to sources close

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Morrisons again the favorite to buy Safeway
May 08, 2003

The smallest and most regional four contenders to buy British supermarket chain has won favor with the public during the "great oral" organized by the powerful UK Competition Commission.
> In London, April 30, before a panel of the competition authority and a range of consumer groups, suppliers and unions, four general managers of Tesco, Asda, Sainsbury's and Morrisons have alternately argued for the takeover of Safeway by rival their business. With arguments that showed remarkable consistency. Terry Leahy, Tesco chief executive, industry leader, has promised to lower prices for Safeway 11% and creating 5000 jobs. Falling prices also promised by Tony de Nunzio, Asda-owner Wal-Mart (number three in the British market).
Sir Kenneth Morrison has played its part the regional map. As it only operates in the north of England, he promised that a merger Safeway-Morrison "enhance consumer choice, while preventing the creation of a monopoly in the sector." A focus is also concern that Sir Peter Davis, chief executive of Sainsbury's, considering that the commission proposes the dismantling of Safeway.
For unions, the supply of Morrisons seemed clearly more attractive. "We are concerned about the impact of Wal-Mart on competition at a local and national level. This is a very large and very rich group and he is abusing that position, "said a spokesman for Usdaw, the union representing thousands of employees of Safeway. Side suppliers, the national union of farmers (National Farmers, NFU) also expressed concerns to see "the distribution market dominated British food a bit more by the two major companies."
For Kien Tan, analyst at Credit Lyonnais, the only contender for the acquisition of Safeway to meet the public interest is Morrisons. "But the competition commission is increasingly tied to consumer interest," said he. A view shared by Simon MacMichael, Mintel International. "A merger Morrisons-Safeway quickly hang up on the train numbers two and three in the market, Sainsbury's and Asda," Judge said. Derek Morris, chairman of the Commission, acknowledged the "complexity of the task," but promised to make its report to the Minister of Trade and Industry on August 12.

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Wm Morrison sales up 7.8%.

In a statement published in the preamble to the General Assembly of its shareholders, the UK supermarket Wm Morrison announced this morning that its sales had increased 6% during the first sixteen weeks of the current fiscal year, annual rate and store.

Excluding gasoline, sales rose to 3.7% reduced.

Stores open for less than a year have also contributed to the 1.8% rise in sales (+1.8% also excluding petrol).

The overall growth rate came in at 7.8% in the period, and 5.5% excluding petrol.

At this stage of the tax year, Wm Morrison is confident in its ability to achieve the performance targets set in late March.

At the London Stock Exchange, the action Wm Morrison rose 1.2% to 192 pence.

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Wm Morrison Supermarket: 2005 loss sanctioned.

Slightly higher yesterday, the action of the British supermarket group Wm Morrison Supermarkets is distributed in the red to the London Stock Exchange, where it is currently declining by 3.1% to 203.50 pence and signs the worst performance values FTSE 100.

The group reported this morning the first loss in its history, to 312.9 million pounds before tax for the year ended January 29. A year ago, the group had achieved a pretax profit of 193 million pounds.

The distribution group in difficulty since the takeover of Safeway in 2004, assesses the costs associated with the integration of its competitor to 374.4 million pounds.

By ignoring these costs, profit before tax is positive Morrisons at 61.5 million pounds, but very much lower than the 332.2 million generated in 2004.

Turnover has remained stable from year to year, to 12.1 billion pounds sterling.

Note that the group has withdrawn from 460.2 million pounds from sales of supermarkets operated under the Safeway integration and reduced its debt to 1.15 billion pounds.

The annual dividend was maintained at 3.075 pence per share.

The integration of Safeway is now almost complete, the Management Group has established its 'Optimisation Plan', a term of three years.

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Wm Morrison Supermarkets: Safeway sells 9.

The market reacted little to the announcement of the latest wave of sales of Safeway announced this morning by the British Wm Morrison Supermarkets, whose share rose from 0.7% to 186.8 pence.

Nine stores were sold in total to rival Sainsbury, already acquired 13 stores and a Safeway store Morrison last year. Eight new sites are located in southern England, the last in Scotland. The total value of assets sold was 16.8 million pounds sterling to 30 January.

The transaction remains subject to approval by British authorities of Competition (Office of Fair Trading, or OFT), which have imposed a series of divestments Morrison as part of its takeover of Safeway.

Sainsbury said in a statement, the transaction should be completed later this fall.

Sainsbury's share rose 0.2% to 282.2 pence.

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Wm Morrison: new title down to London.

The action group's UK supermarket Wm Morrison Supermarkets went back down to the London Stock Exchange, where it is currently declining by 1.1% to 199.5 pence and, returning to the field caught yesterday, bringing the cumulative decline since March 11 to over 11%.

The group said this morning that its revenue had increased by over 145% last year after the takeover of Safeway in March 2004 to $ 12.1 billion pounds sterling.

Taxable income is spent in one year of £ 319.9 to 297.1 Mls. The Directorate seeks an annual turnover of around £ 12.3 billion and was confident, given the encouraging results already achieved in stores converted to date about the capabilities of the group to record a significant improvement in performance in 2006/07 .

Note the resignation of Martin Ackroyd, sharply criticized after the profit warning issued last week, its chief financial officer.

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Wm Morrison Supermarkets: Morgan Stanley lowers tgt course.

Reacting to the warning issued yesterday by the UK distributor, Morgan Stanley lowered from 200 to 185 pence price target assigned to Wm Morrison Supermarkets action, always recommended to 'underweight'.

A week before the presentation of its preliminary results, the group said prospects of an income tax in the range of 320 to 330 million pounds, which is below the forecast released last January 11 at the point activity during the holiday season later this year. This warning comes from the discovery of irregularities in the accounts of Safeway, bought in March last year after a long battle market.

Morrison pass a provision of 40 million pounds.

More than the content of the ad, it's time that the group has to do that surprises the broker, which believes that Morrison bought Safeway for long enough to understand the functioning of its accounting system.

Morgan stated that it had reduced to 325 million pounds its profit forecast for the taxable year.

EPS estimates have been reduced up to 16% for 2005 (7.7 pence), 9% for 2006 (11.2 pence) and 7% to 14.6 pence.


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