J Sainsbury Plc (LON: SBRY) is engaged in grocery and non-food item retailing. The business is organized into three segments: Retailing (through Supermarkets, Convenience store and online stores); Financial services (through Sainsbury's Bank joint venture), and Property investments (through The British Land Company PLC joint venture and Land Securities PLC joint venture). Majority of the revenue is earned through retailing segment. Wm Morrison Supermarkets Plc (LON: MRW) is a food retailer. The company is primarily involved in sale of grocery, non food item and fuel sale. The company along with its network of subsidiaries undertakes manufacture and distribution of food products and is engaged in property development.
The Sainsbury follows 52 week financial year ending on 2nd week of March each year. As a result the balance for 2013 was prepared as of March 16. Morrison also follows 52 week end financial year, by its financial year ends in January. For 2013, the year end date was February 3, 2013. As the difference between the periods end of both the companies is around 1.5 month. The difference is not considered as substantial time gap to influence financial statement, the financial statements for the purpose of this assignment, are compared with making any major changes for time gap.
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