Supermarket chain Morrisons has reported profits down by 52% to £345m, its worst results in eight years. "This has been a controlled and a planned reset of the business - it is painful, but it is the start of a new growth period we hope," chairman Andrew Higginson told the BBC. Morrisons also said the rollout of its M stores would be "slowed significantly", and that it would close 23 M local stores during the year, resulting in the loss of 380 jobs. It also said it would review its "site selection criteria" going forward. It is the UK's fourth-largest supermarket chain, trailing Tesco, Asda and Sainsbury's in annual sales. The plan is to return to success is simple "more customers buying more from us" and they hope by leading on price they will be able to win the supermarket war!