BusinessCorporate FinanceSainsbury sees £133m wiped off its turnover

Sainsbury sees £133m wiped off its turnover

Sainbury saw £133m wiped off its turnover by a change in the way sales through concessions are accounted for.

Link: Tory financier plots Sainsbury’s takeover

Perviously, the troubled supermarket booked gross concession turnover as sales. But the change, caused by FRS5 (ANG), now means only the commission earned from sales can be included in turnover.

The news came today (Wednesday) as Sainsbury published its interim results for the six months to 9 October this year.

The results showed underlying profits before tax down to £131m compared to £366m the previous year. Total sales stood at £8.69bn against £9.69bn for the same period the previous year.

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