BusinessCompany NewsSupermarkets block publication of detailed figures

Supermarkets block publication of detailed figures

Retailers are blocking the publication of detailed sales figures which would unmask their controversial unaudited system for reporting like-for-like sales.

Link: Budgens FD swaps his shopping bags

Although supermarkets give detailed figures to their trade body, the Institute of Grocery Distribution, they do not give the public access to the data and reports different figures in their financial results.

The sales figures would enable investors to access supermarkets’ true like-for-like sales.

Currently, many retailers adjust the figures when they report like-for-like sales to show their performance in the most favourable light possible. They can do this because the calculation of this market-sensitive information is not yet subject to accounting regulation.

The news comes as leading supermarkets Sainsburys and Safeways report their interim results.

Safeway chief executive Calros Criado-Perez told the Financial Times last week that supermarket chiefs ‘sit down and adjust the [figures] they give to the market [putting their spin on [them]’.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor