| Published Wed, November 15th 2017 at 11:01, Updated November 15th 2017 at 11:45 GMT +3Uchumi Chief Executive Officer Julius Kipngetich (PHOTO: File)NAIROBI, KENYA: Uchumi Supermarkets has cut its full-year losses by 40.8 percent to Sh1.68 billion for the financial year ended June 30, 2017 on closure of some branches. However, the cash-strapped retailer, which had posted a loss of Sh2.84 billion in the previous financial year, saw its net sales dip by 60 per cent to Sh2.59 billion from last year's Sh6.42 billion. In accounting, comparability is one of the key qualities which accounting information must possess to enable investors make informed decisions. The information is said to be comparable when accounting standards and policies are applied consistently from one period to another. In the case of Uchumi, the closure of Uganda and Tanzania business means that the 2017 results could not be prepared using rules of consolidation as was in 2016.

Source: Standard Digital November 15, 2017 08:14 UTC