Turns out leaving a Union is a bit more complicated than ditching a lease on a studio apartment.
With just 16 days to go until the UK is due to leave, Britain has still not agreed on the withdrawal arrangement, raising the risk of a contentious “no-deal” that could lead to food and supply shortages.
In anticipation of the worst, Brits are stocking up on the essentials — and it’s paying dividends for supermarkets. According to Morrisons, Britain’s 4th-largest grocery chain, the company has seen a 7% uptick in goods like toilet rolls, painkillers, and other must-haves.
A sh*tty deal on both sides, unless you’re a supermarket
From 2018 to February 2019, Morrisons reported a 9% rise in pretax profit to $533m.
The company, which trails other European Union market leaders like Tesco, Sainsbury’s and Asda in annual sales, said total revenue rose 2.7% to $22.5B.
Morrison’s CEO David Potts said the company was even considering alternative routes to import goods if its usual supply lines are delayed.
But, don’t let these numbers fool you
Chains like Morrisons are feeling the Brexit pinch just like their shoppers. As people tighten spending on more expensive purchases, it’s once again discounters like Aldi and Lidl that are coming back to haunt them.
For Morrisons, lower profits from property sales and other exceptional items brought overall profits down nearly 16% to $424m.