BusinessCompany NewsAccounting change reveals true picture at Safeway

Accounting change reveals true picture at Safeway

Supermarket chain Safeway's has revealed that a change in its accounting methods has reduced second quarter sales figures dramatically.

Link: Safeway bids raise DTI competition concerns

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.

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