Grocer rejigs accounting practices
Sainsbury's has admitted a change in accounting practices could cost the company up to£10 million in underlying profit for the year to March 26.
The move is in accordance with the International Financial Reporting Standards (IFRS). However, the retailer stressed that it would not affect operations or the business review outlined by chief executive Justin King last October.
Sainsbury's finance director Roger Matthews said: 'The introduction of IFRS, although an important accounting change, has no effect on the business review plans, which aim to deliver a sales-led recovery.'
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