Morrisons confirms falling profits

<p>Profits are down at Morrisons, it has announced.</p>

Morrisons has announced a fall in its profits in the company's latest half-year results.

It was revealed by the UK's fourth-biggest supermarket chain that its pre-tax profits fell to £344 million for the half-year to August 4th.

This was a major fall from the figure of £440 million that was recorded by the firm a year ago.

The "economic backdrop remains difficult for the consumer", said chief executive Dalton Philips, while the company's statement added the improving economy is yet to provide a boost to the pockets of members of the public.

Morrisons also announced that it has finalised a partnership with Ocado that will allow it to start selling food online during 2014.

Despite profits being down for the supermarket company, its share price is slightly up during the early stages of trading this morning (September 12th) on the London Stock Exchange.

At 08:32 BST, its share price was 3.73 per cent higher than at the start of the session.

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