Emanuel James “Jim” Rohn was an American entrepreneur, author and motivational speaker once said; Formal education will make you a living; self education will make you a fortune. For me personally speaking, working on the Research and Analysis report has given me an opportunity I have always been waiting for. Not only has it taught me how to self discipline myself but allowed me to implement various aspects of my skills demonstrating that I have to necessary ability to understand, interpret, and explain qualitative and quantitative data and turning it into meaningful information. The preparation of Research and Analysis Report whilst studying and working was one of the few tasks that I knew would challenge my planning, prioritising, research and analysis abilities. There were numerous topics which appealed to me. But for some reason I was naturally drawn towards topic number 8 and finally came to the conclusion that I would base my report on this topic. My chosen topic is outlined below. ‘The business and financial performance of an organisation over a three year period’ The requirement of this topic was pretty straight forward. Having said that, I knew that a detailed analysis would certainly require all my knowledge and skills, developed whilst studying towards ACCA be put to the test. I have chosen to focus on was Wm Morrison Supermarkets plc, one of the largest food retailers in the United Kingdom. I would like to thank Oxford Brookes and ACCA for providing such a pleasant opportunity and making this degree possible. It has been a challenging experience and has taught me several valuable lessons. Finally I would like to take this opportunity and thank my Mentor and Almighty God for helping me though my project.
Introduction of Wm Morrison Supermarket plc
Wm Morrisons plc or Morrisons as the general public knows It today, was founded by William Morrison in 1899. It started as an egg and butter merchant in Rawson Market Bradford. It was not until 1958 that an initiative was taken to open a small shop in the city centre, offering a self-service, displaying its prices on the product and providing three checkouts. Within three years the company’s first supermarket “Victoria” was opened in Bradford, from here the company ventured into remarkable journey going public within 10 years in 1967 after opening its first town-centre shop.
Over the course of 30-40 years, from acquiring various stores throughout the country, to venturing into fresh food supplies and buying out bakery operations. Morrison was expanding, distribution centres and warehouses were opening up and down the country. Following a 35 year record of sales and profit growth since going public, Morrisons joined the FTSE 100 for the first time in April 2001
In 2004 Morrisons took over of Safeway stores, making them the fourth largest supermarket chain in the UK. It has since gone on to claim the ‘Retailer of the Year’ award in 2009 as well as other distinguished prizes such as ‘Grocer of the Year 2008’. http://en.wikipedia.org/wiki/Morrisons
The big economic meltdown hit the UK in 2007, more than two million people lost their jobs resulting in diminished income and loss of purchasing power. Inflation passing its peak, income levels remaining stagnant, even normal purchasing such as the weekly grocery became harder for an average person. Leaving less disposable income at hand, hence causing buyers to spend money wisely. The effect of recession was particularly felt by the poor people or those who were on low incomes. They felt the effects of the rising cost of living associated with food and fuel prices increases in international markets. This dramatically reduced their level of spending power forcing them to adapt in a range of ways which was not seen before, such as buying cheaper and sometimes buying poor quality food, including fast and frozen food....