Morrisons has issued several profit warnings since taking over Safeway

Analysts had been expecting profits of between �225m and �275m.

Last month, the firm said that problems with the integration of the Safeway business it bought last year meant it could not give any profit guidance.

Morrisons said on Wednesday it was seeking to provide "greater clarity" and would give another update in July.

The update would follow a review by KPMG, the accountancy firm, which is working with Morrisons' board of directors.

Looking ahead

The Bradford-based company added that it was upbeat about future prospects for the business when all Safeway stores had been converted.

MORRISONS SINCE BUYING SAFEWAY 1: Morrisons buys Safeway 2-6: Profits warnings Check Morrisons share price

"In 2006/7 there remains every indication financial performance will improve significantly following completion of the (store) conversion process," the company said.

In a trading statement put out on the same day as its annual general meeting on 26 May, the company had blamed a number of factors for its lack of clarity on future profits.

They included the size and complexity of the acquisition of Safeway and the problems with Safeway's accounts that it inherited.

Out of control?

Richard Ratner, retail analyst at stockbrokers Seymour Pierce, said:"Saying they can't give a profits figure at the AGM, then providing one but saying they'll give more details soon gives the impression of a company that is out of control.

"The problems with Safeway's accounts were well known and they should have got this sorted by now."

He added:"The fact that they are getting their auditors in to do the review is strange in itself."

However, Mr Ratner said he didn't think the problem was do with lack of sales and added that the company's store conversions were going well.

Following the announcement from Morrisons, stockbroker Teather & Greenwood cut its forecast for the firm's pre-tax profits from �275m to �100m, a 64% drop.