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
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.