Britain's Morrisons annual earnings fall 15% amid consumer crunch

LONDON (Reuters) - British supermarket group Morrisons on Thursday reported a 15% drop in annual core earnings as underlying sales fell 4.2% against the backdrop of a cost-of-living crisis.

The group, owned since 2021 by U.S. private equity firm Clayton, Dubilier & Rice, said core earnings, or adjusted EBITDA, were 828 million pounds ($1.03 billion) in the year to the end of October 2022. It forecast an improvement in the current year.

($1 = 0.8072 pounds)

(Reporting by James Davey; editing by Sarah Young)