The shock profit warning comes just months after the former stock market darling announced plans to ramp up spending on new warehouse space to meet demand at the expense of short term profits.
Shares in the retailer have more than halved since their 7,039p peak in February and closed at 3,120p last night. The warning also knocked shares in newly-listed online retailer
Meanwhile, Morrrisons' management came under attack from its founding family after the struggling retailer's former chairman Sir
Speaking at the supermarket chain's annual general meeting Sir Ken, whose family own a stake of around 9.5 per cent, lambasted
The results sparked a revolt over pay, with 26.5 per cent of shareholders yesterday voting against
Almost 14 per cent of shareholders voting by proxy against Philips' reappointment while 11 per cent opposed the re-election of chairman Sir
Tesco also came under fire from the City after unveiling its worst quarterly trading figures in decades earlier this week.
The bosses of Tesco,
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