Morrisons - comment
Selling real estate assets to invest in margin support isn’t a trick you pull forever, but Morrisons has significant property assets, and the leakage from debt to equity is small, so far. The company had already announced a new £100m price support programme back in September, and the proceeds of the GBP220m sale and leaseback deal will provide further firepower. Limits on its ability to invest in price support helped push Morrison’s from #4 down to #5 grocer (behind Aldi) and a response needed to come.
https://www.grocerygazette.co.uk/2022/09/26/morrisons-cut-prices-aldi/