Morrisons boss: 'Big structural shifts in the market'
13 March 2014 Last updated at 10:16 GMT
Supermarket chain Morrisons has reported a £176m loss for the year to the end of February, down from a profit of £879m the year before.
Chief executive Dalton Philips told BBC Breakfast there were "big structural shifts in the market... as people shop differently online, in convenience and now in the discounters".
He added: "Today we're taking the bold decision to ensure that we are giving our customers the very best price." But he denied the supermarket was reversing its previous strategy of prioritising fresh food and quality.