Menu
09/12/2014
Tesco Shares Plummet
Retailer giant Tesco has reported its share price has plummeted more than 15%.
In a trading update, Tesco said profit to the year ending in February 2015 would not exceed £1.4bn.
New Chief Executive Dave Lewis said: "Tesco is focused, and will continue to focus, on doing the right thing for customers. This means running our business in a way that everything we do creates sustainable value. Whilst the steps we are taking to achieve this are impacting short-term profitability, they are essential to restoring the health of our business. We will not engage in short term actions that compromise in any way our offer for customers."
Earlier this year Tesco misstated its profits by £263m.
(CD/IT)
In a trading update, Tesco said profit to the year ending in February 2015 would not exceed £1.4bn.
New Chief Executive Dave Lewis said: "Tesco is focused, and will continue to focus, on doing the right thing for customers. This means running our business in a way that everything we do creates sustainable value. Whilst the steps we are taking to achieve this are impacting short-term profitability, they are essential to restoring the health of our business. We will not engage in short term actions that compromise in any way our offer for customers."
Earlier this year Tesco misstated its profits by £263m.
(CD/IT)
Related UK National News Stories
Click here for the latest headlines.
16 April 2014
Tesco Announce 6% Full-Year Profit Fall
Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn. The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
Tesco Announce 6% Full-Year Profit Fall
Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn. The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
07 October 2014
Fifth Tesco Executive Asked To 'Step Aside'
A fifth Tesco executive has been asked to step aside, while the supermarket continues to investigate an alleged £250 million profit forecast overstatement. Kevin Grace, commercial director at Tesco has been asked to step aside, as part of the investigation, according to a report by the Financial Times.
Fifth Tesco Executive Asked To 'Step Aside'
A fifth Tesco executive has been asked to step aside, while the supermarket continues to investigate an alleged £250 million profit forecast overstatement. Kevin Grace, commercial director at Tesco has been asked to step aside, as part of the investigation, according to a report by the Financial Times.
17 July 2006
Parents warned over children's internet use
A third of children, many as young as 11, use blogs and social networking sites at least two or three times a week, yet two-thirds of parents don't know what a blog is, a new report has revealed. The 'Get I.T.
Parents warned over children's internet use
A third of children, many as young as 11, use blogs and social networking sites at least two or three times a week, yet two-thirds of parents don't know what a blog is, a new report has revealed. The 'Get I.T.
16 September 2003
Tesco shares climb following positive half-year results
The Tesco share price has upped 11.5p to 240p today following the publication of positive half-year results showing a rise in pre-tax profits of almost one fifth. The group announced that sales rose by 17% in the period to £14.9 billion, netting £628 million in ore-tax profits.
Tesco shares climb following positive half-year results
The Tesco share price has upped 11.5p to 240p today following the publication of positive half-year results showing a rise in pre-tax profits of almost one fifth. The group announced that sales rose by 17% in the period to £14.9 billion, netting £628 million in ore-tax profits.
22 September 2014
Tesco Executives Suspended In Profit Investigation
The managing director of Tesco's UK has been suspended, along with three other executives, as part of an investigation into overstated half-year profits. It is understood that Deloitte is investigating allegations that the supermarket overstated its half-year's profit guidance by £250m, almost a quarter of its expected profit for the period.
Tesco Executives Suspended In Profit Investigation
The managing director of Tesco's UK has been suspended, along with three other executives, as part of an investigation into overstated half-year profits. It is understood that Deloitte is investigating allegations that the supermarket overstated its half-year's profit guidance by £250m, almost a quarter of its expected profit for the period.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
