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British supermarket Morrisons' profit halved by COVID costs

LONDON, March 11 (Reuters) - British supermarket group Morrisons reported a halving in annual profit as a COVID-19-related jump in sales was more than offset by the huge extra costs of the crisis.

The group said on Thursday it made profit before tax and exceptional items of 201 million pounds ($280 million) in the year to Jan. 31, prior to a business rates payment of 230 million pounds. That compared to analysts’ average forecast of 200 million pounds and 408 million pounds made in 2019-20. ($1 = 0.7175 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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