UK grocery retail group Wm Morrison has said the integration of supermarket chain Safeway is going according to plan, despite market rumours the company may be approaching another profit warning.
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Bob Stott, joint managing director of Morrison, said the company’s July profit warning was a “short-term blip”, reported the Financial Times.
“We are still on track to meet all other targets. We are confident about the future. I don’t know where these rumours emanate from; not from us,” he was quoted by the newspaper as saying.
Morrison acquired Safeway in March after a long drawn-out takeover process, but has struggled to turn around sales at the chain.
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