Morrisons buys stake in online grocer as annual profits grow 13%

Morrisons has bought a 10% stake in US-based online grocer FreshDirect for £32m to boost its own online ambitions. Speaking as Morrisons unveiled a 13% increase in pre-tax profits to £869m for the year to 30 January, chief executive Dalton Philips announced the retailer would launch an online shopping operation within two years.

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