BusinessCompany NewsSystems troubles delay Morrisons results

Systems troubles delay Morrisons results

Supermarket chain WM Morrison says problems with the integration of accounting systems from the Safeway group, which it recently bought, will delay its interim results by several weeks.

Link: Morrisons FD in running for top post

Morrisons will now only release its interims in October, the FT reported.

At the same time Sir Ken Morrison, chairman, said accelerating sales declines in the Safeway business would leave profit at close to £125m.

Yesterday WM Morrison sold 10 Safeway stores to its larger rival Tesco with a book value of £87.6m – the supermarket chain needs to shed 10 more outlets to satisfy the Office of Fair Trading, which ruled at the time of its Safeway acquisition that it must sell 52 Safeway stores that are too close to its own.

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