How Morrisons' debt crisis made it a supermarket loser [Yahoo! Finance]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: Yahoo! Finance
Net debt at the Bradford-based supermarket chain had fallen by more than £200m in a year to £543m, he pointed out, while profits had jumped to £612m. The famously parsimonious Yorkshireman had run the chain on such a tight financial leash that he did not bother redecorating the company's headquarters for more than three decades. As his 55 years in charge was coming to an end, the outgoing chairman declared that Morrisons would “continue to prosper as long as it remains true to its founding principles”. Yet Morrisons is sitting on a net debt pile totalling £8.6bn , new filings show – a 16-fold increase compared to when Morrison left. The latest accounts for Market Topco – Morrisons' parent company – show its interest costs stood at £422m for its latest financial year, up 45pc on the prior period. Meanwhile, debt-financing costs have ballooned from £593m to £735m. The debt financing bill has pushed Morrisons deeper into the red. The company posted an overall loss of £1bn last y
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MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website