Morrisons is set to come under fresh pressure from investors on Thursday (October 20) when it is expected to finally reveal the true cost of taking over Safeway.
The retailer is due to announce its interims for the six months to July 24 following an audit by accountants KPMG.
In June Morrisons announced this year’s forecast profits at anything from £50m to £150m - well below analysts’ forecasts of £225m to £275m.
Now analysts are reluctant to make predictions without knowing the audit’s outcome. One analyst suggested that pre-tax profits would be on the low side of Morrisons’ projections as a result of slower sales and rising costs in the second half.
He added that the actual profits were less significant than the company’s recovery plan and that the City needed to see movement on succession plans for chairman Sir Ken Morrison and chief executive Bob Stott.
Graham Sims, BP retail director, and Jill Bruce, M&S’s head of food formats, opened the first BP Connect forecourt store to incorporate M&S’s Simply Food this week in London’s Hammersmith. This is the first of a pilot scheme which is being rolled out at eight sites across the UK by next month. Sims told The Grocer that BP expected to introduce Simply Food into all its Connect stores.