Morrisons says profits likely to take big hit from inflation and Ukraine war

Supermarket warns of material adverse effect' on earnings and sales as grocery market struggles with disruption and rising prices

Morrisons has warned its profits are likely to take a significant hit this year as the cost of living crisis and disruption due to the war in Ukraine weigh on the grocery market.

The UK's fourth largest supermarket chain said developments in the geopolitical environment" and ongoing and increasing inflationary pressure" since the beginning of February were hitting consumer sentiment and spending.