Wednesday 7 December 2016

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

EVERY LITTLE HELPS: Trading profits at Tesco’s European operations fell by almost a third to £164m last year
EVERY LITTLE HELPS: Trading profits at Tesco’s European operations fell by almost a third to £164m last year

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.

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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.

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