Wm Morrison Supermarkets (LON:MRW) has joined forces with Just Eat (LON:JUST) to launch the UK’s first takeaway inside a supermarket, industry magazine Retail Week has revealed. The news comes after the blue-chip grocer recently updated investors on its full-year performance, posting a rise in profits, while warning of ‘uncertainties ahead’.
Morrisons’ share price has been steady in London this morning, having inched 0.17 percent higher to 235.90p as of 08:16 GMT, as compared with a 0.03-percent rise in the benchmark FTSE 100 index. The group’s shares have gained some 15 percent over the past year, and are up by a little over one percent in the year-to-date.
Retail Week reported yesterday that Morrisons will open a Bombay Bites Express concession at its Victoria Shopping Centre store, in Bradford, allowing customers to dine in-store, collect their takeaway order during their grocery shop or have it delivered via Just Eat. The companies further plan to roll out the concept across more of Morrisons’ supermarkets across the UK.
“We have listened to the customers who shop in our Victoria store and they told us they’d love a takeaway service as an extra reason to shop with us,” Morrisons director of local solutions Rebecca Singleton told the magazine.
The news comes after the FTSE 100 company posted its full-year results last week, revealing that its reported profit before tax had spiked 49.8 percent to £325 million. The group’s boss David Potts, however, warned of ‘some uncertainties ahead’, mostly related to the impact of sterling weakness on imported food prices.
The 16 analysts offering 12-month price targets for Morrisons for the Financial Times have a median target of 210.00p, with a high estimate of 260.00p and a low estimate of 170.00p. As of March 11, the consensus forecast amongst 20 polled investment analysts covering the blue-chip supermarket has it that the company will underperform the market.