LONDON (Reuters) - British supermarket group Morrisons on Wednesday reported a halving of its third-quarter core earnings as underlying sales fell 3.1% against the backdrop of a cost of living crisis.
The group, which has been owned by U.S. private equity firm Clayton, Dubilier & Rice for almost a year, said core earnings were 177 million pounds ($189 million), down from 356 million pounds in the same period last year.
Morrisons said the fall reflected "a number of temporary and transitional factors", some of which it expected to reverse in its fourth quarter, and a change in its year-end.
($1 = 0.9370 pounds)
(Reporting by James Davey; Editing by David Goodman)
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