Morrisons has plunged further into the red after a £1bn loss last year amid a surge in interest payments.
Market Topco, Morrison's parent company, made a pre-tax loss of £1.1bn in the year ending October 31, after racking up £735m in interest costs.
The supermarket chain, acquired by Clayton, Dubilier & Rice (CD&R) in 2021, has struggled to attract the customer of late after dropping to Britain's fifth best grocer, now also behind Aldi.
Interest rates were low at the time of CD&R's takeover, though a sharp rise in borrowing costs has made things increasingly challenging for Morrisons.
Market Topco's overall results show underlying profits (excluding debt interest costs) of £970m, a rise from £911m in the year previous, while revenue fell £300m to £18.4bn.
Fuel sales jumped by more than half a billion to £3.4bn, prior to the company selling its petrol forecourts to Motor Fuel in a deal worth £2.5bn.
It's expected some of that money will be used to pay down its £5.4bn debt pile.
A Morrisons spokesman remained positive, saying: "The underlying performance of the business is strong."
FTSE 100
The UK's flagship share index, the FTSE 100, was up five-points, at 7,752 shortly after opening this morning.
Brent crude oil futures was up 0.34% today, trading at $82.20 a barrel.
Companies reporting today
- 4imprint - Full Year Results
- Balfour Beatty- Full Year Results
- Ferrexpo - Full Year Results
- Hochschild Mining - Full Year Results
- Industria de Diseno Textil - Full Year Results
- IP Group - Full Year Results
- Keywords Studios - Full Year Results
- Supermarket Income REIT - Half Year Results