Drastic Dave's Tesco turmoil
Tesco - Britain and Ireland's biggest retailer - is in turmoil. It's announced record losses of £6.4bn with sales at its Irish arm falling by 6.3pc. New boss Dave Lewis has his work cut out if he is to turn Tesco around
Published 26/04/2015 | 02:30
Mr Lewis has been serving up a seemingly endless diet of bad news about the company to investors ever since he took over as Tesco chief executive last September.
He was barely a wet day in the job when Tesco revealed on September 22 that it had overstated previous profits by £250m. Several senior executives were suspended and the UK Serious Fraud Office announced an investigation into the affair.
Tesco issued an unscheduled trading update on December 9 and shocked investors when it revealed that trading (pre-interest) profits would be just £1.4bn for the 12 months to the end of February 2015 - down from the €3.3bn trading profit recorded the previous year.