Not the most exciting share, but with safeway conversion now complete (and how much better the old safeway stores are now) the shares should start to come back. Already started a nice rise from a recent low. Costs for conversions will still hold the price back but when that is out of the way, should be be nice. 190p

sold at 271p,

Final Results

Financial summary

· Turnover up 3% to £18.1bn (2011/12: £17.7bn)
· Like-for-like sales (ex-fuel, ex-VAT) down 2.1%(1) (2011/12: up 1.8%)
· Underlying profit before tax down 4% to £901m (2011/12: £935m)(2)
· Profit before tax £879m (2011/12: £947m)
· Earnings per share 26.7p (2011/12: 26.7p)
· Underlying earnings per share up 7% to 27.3p (2011/12: 25.6p)
· Total dividend for the year up 10% to 11.8p (2011/12: 10.7p) - dividend cover of 2.3 times (2011/12: 2.4 times)
· Net debt £2,181m (2011/12: £1,471m) after capital investment of £1,016m (2011/12: £901m)
· Equity retirement £579m in the year(3), (2011/12: £368m). Programme now completed

Strategic highlights

· Fresh Formats - tailored fresh food proposition now in over 100 stores - and continuing to perform to plan: programme to expand in 2013/14
· Vertical integration - good progress on expanding manufacturing capability; Winsford fresh meat facility and fresh seafood site in Grimsby operational and performing well
· Catalina voucher at till system implemented in all stores
· Convenience- first 12 M local convenience stores performing well; first stores in London now open; accelerated target established for 2013/14; West London convenience distribution centre (CDC) open; additional CDC to support expansion in the North of England
· Multi-channel - Morrisons Cellar successfully launched; three new Kiddicare stores opened; Online - Morrisons first online food operation to launch in 2014


Operating highlights

· 17 new supermarkets opened (4)
· 5,000 own brand products successfully launched; M savers the fastest growing own label value brand (5) - sales up 37%
· 4% productivity improvements in stores and distribution
· IT systems replacement programme on track - providing foundation for accelerated cost savings in 2013/14
· Financial discipline maintained through rephasing of planned investment in new stores: £200m reduction in capital expenditure
· Grocer of the Year and Employer of the Year (6)

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Oriel Securities Sell 281.30 225.00 225.00 Retains

Exane BNP Paribas Underperform 281.30 230.00 230.00 Reiterates

very odd - what was so encouraging that sp zips north this morning?

I guess the Ocado connection.

Ocado confirms talks re technology agreement

Ocado Group PLC (" Ocado") confirms that it is in discussions with Wm. Morrison Supermarkets Plc ("Morrison") which may lead to an agreement to license certain of Ocado's existing and future intellectual property ("IP") and operating knowledge for the purposes of Morrison commencing an online grocery business in the UK.

These negotiations do not involve any discussion of Morrison acquiring either the whole of, or an equity stake in, Ocado.

Any such agreement would be complementary to Ocado's existing partnership with Waitrose, which would be unaffected by any potential agreement with Morrison.

Both parties are working towards an agreement and a further announcement will be made in due course. However, discussions are ongoing and there can be no certainty that an agreement will be reached.

Looks like the gloss is coming off of the price now.

Maybe punters assumed MRW were buying OCDO.

Morrison shares jumped after Citigroup raised its recommendation on the supermarket giant from 'neutral' to 'buy'. The broker said it has the "strongest economic model of the three listed UK supermarkets" which also include Tesco and Sainsbury.

Interim Management Statement

Morrisons has made a solid start to the new financial year.

Total sales* excluding fuel were up by 0.6% (down 0.3% including fuel) and like for like sales* were down 1.8% (2.6% including fuel). This performance (excluding fuel) reflects a steady improvement from the previous quarter and is in line with our expectations.

Throughout the quarter the industry has remained very competitive with couponing again a significant factor. We have continued to focus on communicating our points of difference more clearly and sharpening our promotional programme.

Our 'More of What Matters' campaign has helped us communicate the benefits of Morrisons vertically integrated business, craft skills and affordable fresh food offer. These points of difference particularly resonated with customers during the recent horsemeat scandal -the Food Standards Agency's rigorous testing programme found no adulteration of Morrisons products with horsemeat. Customers now understand our unique approach to sourcing meat through our own livestock buyers and abattoirs.

We have also invested in price where it matters most to our customers. Our Pick of the Street offers provide outstanding value on fresh products, while our Payday Bonus introduced a simple and effective reward for loyalty at the end of the month.

We also continued to make good progress in the delivery of our strategic and operating initiatives, which will enable us to drive our topline, increase efficiency and capture growth.

During the quarter we opened a further six stores, including two Morrisons M locals and also acquired over 80 stores to add to our convenience pipeline. We are on track to meet our target of having 100 convenience stores open by the end of the year, with 20 opening in the first half.

Our Fresh Format concept continues to be tailored to new and existing stores and will have been implemented in over 40% of the estate by the end of the current financial year. Customer feedback continues to be extremely positive. Nutmeg, our affordable and easy-to-shop children's clothing range is now available in over 100 stores.

Our plans to launch our first online food operation by January 2014 are progressing. Discussions with Ocado, previously announced, continue and a further announcement will be made as appropriate.

A detailed update on all these initiatives will be provided at our Interim Results in September.

Our net debt of £2.3bn is in line with expectations and the financial position of the Group remains strong.

Prime Markets Sell 288.80 275.00 275.00 Reiterates

Espirito Santo Execution Noble Sell 288.80 230.00 230.00 Reiterates

BNP Paribas Underperform 288.80 260.00 260.00 Reiterates

Bank of America Merrill Lynch Neutral 288.80 284.00 304.00 Downgrades

Jefferies International Buy 288.80 310.00 310.00 Reiterates

Morrisons to launch online food operation

Wm Morrison Supermarkets PLC (the "Company" or "Morrisons") today announces a long term agreement with Ocado Group plc ("Ocado"), which will enable Morrisons.com to commence grocery deliveries to customers by January 2014.

The agreement will enable Morrisons to enter the online grocery market quickly with a profitable business model. This industry leading customer proposition combines Morrisons affordable fresh food - much of it from the Company's own manufacturing facilities - with Ocado's leading end-to-end technology, logistics and distribution operations.

The Morrisons.com grocery website will have a clear Morrisons look and feel. Fulfilment will be from Ocado's recently opened Dordon Customer Fulfilment Centre (CFC) in the Midlands, with customer deliveries through a Morrisons liveried fleet.

The agreement will comprise a technology and services arrangement and a sale and leaseback of property and equipment at Dordon. Morrisons will make an initial capital payment of
up to £170m to Ocado to acquire Dordon and associated mechanical handling equipment, as well as a licence and integration fee. A further £46m will be invested to expand Dordon in order to accommodate Morrisons range, integrate with Morrisons systems and establish a network of delivery spokes. On an annual basis, Morrisons will pay service costs and a contribution to R&D expenditure. The agreement also makes provision for the joint development of new CFCs as the parties may determine in future. Ocado will receive a share of the positive EBIT of Morrisons.com. Full details of the financial arrangements are set out below.

Morrisons anticipates that its new food.com business will incur a further £25m development costs in the year, as a result of which, its total full year new business development investment will be £65m. It is expected that the food.com business will generate positive EBITDA in 2016/17 and a positive EBIT in 2017/18. Capital expenditure guidance is increased by £100m to £1.2bn to reflect additional investment in its Morrisons.com business. Full year debt guidance is accordingly increased to £2.7bn.

Dalton Philips, Chief Executive of Morrisons said: "This agreement is a significant strategic step for Morrisons. From a standing start, Morrisons will be competing in the fast growing on-line channel by the end of this year with a really compelling proposition. The customer gets our affordable fresh food delivered by Ocado's state of the art distribution system. I'm confident that Morrisons.com will grow over time to be an operation of real scale and significance whilst creating meaningful long-term value for Morrisons shareholders"

Tim Steiner, Chief Executive of Ocado said: "Morrisons desire to offer its customers the choice of online shopping illustrates the structural shift we are seeing in favour of the channel. We see Morrisons decision to adopt our model to drive its online launch as a further endorsement of our technological and logistical excellence. This validation should support the internationalisation of our model as well as the growth of our UK business by increased market use of our operating model, enhancing capital efficiency and improving returns "Our customers will see no change to the service they receive from Ocado as a result of this agreement. We will continue to source products under our long term agreement with Waitrose, and our customers will continue to benefit from the existing high levels of service, wide range of products and competitive prices that they currently enjoy."

ENDS

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They could be back on their way to the dead after what I've just read, all shares sold. Standby for the fall out. Shares could plummet depending on reaction.
http://www.portsmouth.co.uk/news/local/morrisons-worker-suspended-after-wearing-poppy-and-badge-in-memory-of-drummer-lee-rigby-1-5137550

Half Yearly Report

Financial summary
· Total turnover £8.9bn in line with last year (2012/13: £8.9bn)
· Total store sales up 0.8% (2012/13: up 1.3%). Like-for-like store sales down 1.6% (2012/13: down 0.9%)
· Underlying profit(1) down 10% to £401m (2012/13: £445m)
· Underlying earnings per share down 2% to 12.86p (2012/13: 13.09p)
· Profit before tax £344m (2012/13: £440m)
· Interim dividend up 10% to 3.84p (2012/13: 3.49p)
· Net debt of £2,529m (2012/13: £1,680m)
· Gearing of 48% (2012/13: 32%)

Financial strategy
· Financial strategy updated
· Reduced capital expenditure targets announced
· New dividend policy confirmed
· Property estate being reviewed

Strategic highlights
· Convenience - 33 M local convenience stores now trading and performing well: on track to have 100 stores operating this year. New convenience distribution centre secured for the North
· Multi-channel - on schedule with online food proposition to launch in January 2014
· IT systems upgrade programme progressing well - providing the foundation for further cost savings in 2014/15
· Fresh Formats - tailored fresh food proposition now in 169 stores: on track for over 200 stores this year
· Significant productivity improvements in store. Electronic ordering introduced
· Good progress on expanding manufacturing capability

Operating highlights
· Seven new supermarkets opened, including one replacement
· 2,800 own brand products successfully launched
· Strengthened management team in place
· Employer of the Year(2)

I think this is the main reason for today's jump in the share price. Their property portfolio is £2 billion more than their market cap', which they intend to realise.

Property

Morrisons property portfolio has an estimated market value of around GBP9bn. Over 90% of our estate is freehold, a considerably greater proportion than our major competitors. We expect to see the proportion of freehold properties reduce naturally as our convenience store programme expands. Additionally, in order to provide flexibility in the way we use our resources, we anticipate that a greater proportion of our new store acquisitions programme will be weighted towards leasehold properties.

We intend to manage our property portfolio more actively in future. We have commenced a review to assess the extent to which there may be opportunities to realise value for shareholders from our estate, whilst maintaining our traditionally prudent approach to financial management. This review is being undertaken within the context that there are clear control and flexibility benefits with freehold ownership and that the majority of our core estate will continue to be owned and managed on that basis.

Interim Management Statement

Christmas Trading Update

The Christmas period has been very challenging with a slowdown in market growth. Hard pressed consumers elected to economise and managed their budgets very tightly, buying less and shopping selectively across a range of formats and retailers. In the 6 weeks to 5 January 2014 total sales* excluding fuel were down by 1.9% (3.3% including fuel). Like- for-like sales* declined by 5.6% (7.1% including fuel).

more...

Ouch

Those share buy backs certainly a shrewd move eh! How much was it again £1b, what a waste.
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