Morrisons' losses mount amid debt finance pressures [Yahoo! Finance]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: Yahoo! Finance
The supermarket chain revealed pre-tax losses of £156m over the 13 weeks to January, which comes as the business pursues an ambitious turnaround plan. Losses at the Bradford-based retailer deepened after recording £141m of finance costs over the period, driven by higher interest rates. Morrisons has faced huge financial pressure since it was bought by private equity firm Clayton, Dubilier & Rice (CD&R) for £10bn in 2021. The deal took the company off the London Stock Exchange for the first time since 1967, saddling the business with billions of pounds in debt. A sharp rise in borrowing costs has since left Morrisons exposed to increased financial pressures, with its net debt pile rising to £7.28bn in January. This led to Morrisons plunging to an annual £1bn loss in 2023. Last year, credit ratings agency Moody's downgraded its outlook for Morrisons from “stable” to “negative”, which has made it harder for the retailer to borrow. It comes as chief executive Rami Baitiéh b
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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