By Natalie Mortimer

Supermarket chain Morrisons is to slash prices in its stores after it reported a major slump in profits in the face of competition from discount stores Aldi and Lidl.

The retailer posted a pre-tax loss of £176m for the year to 2 February and posted a 2.8 per cent fall in like-for-like sales over the last 12 months.

Morrisons was hit by a one-off £903m writedown of its property, IT and its investment in Kiddicare, a baby product business which drew a disappointing performance.

Chief executive Dalton Philips said the Bradford-based chain would invest more than £1bn in price cuts Read full story ›

Source: The Drum