The chain had surprised the market and beaten Sainsbury by posting a resilient 0.7% rise in second quarter like-for-like sales, compared with a 0.2% fall at its rival.
But a change in its accounting methods so that they mirrored those used by its rivals – Tesco, Sainsbury and Morrison – revealed that underlying sales were in fact down by 1.6%.
Morrison is currently bidding for Safeway’s stores.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements