If Tesco thought the worst was over, Wednesday is likely to take Dave Lewis and co screaming back to last year’s blackhole debacle as the supermarket reports full-year results that are expected to be the worst in its 96-year history.
With Lewis having done plenty of kitchen sinking already, he will be hoping these results become the final chapter in the retailer’s annus horribilis.
There are still some pretty hefty sinks to lift. Here are the five to look out for:
1. Billion-pound losses
A loss for the year is expected to run into the billions of pounds, with some expecting up to £5bn, as many of the sweeping changes instigated by Lewis have had little chance of taking effect enough to significantly change its annual profits.
2. Pension black hole
Another blackhole for Tesco, this time in its pension pot which analysts predict could grow by £5bn, leading the supermarket to address it with annual contributions of £250m, the Sunday Times reports.
3. Property writedown
A large hit - around £3bn- will come from an expected write down of its property assets, including several stores mothballed across the country and abroad and an exit from its Cheshunt HQ. The associated job cuts are also expected to rack up costs which could run as high as £300m.
4. Dunnhumby sale and other sell-offs
Having dumped stores and non-core assets such as digital entertainment arm Blinkbox and Tesco broadband, there is still more up for grabs in the fire sale.
Prime among them is marketing data company Dunnhumby, the firm behind its Clubcard loyalty scheme, which could have a price tag of £2bn. Adland giant WPP and a host of private equity firms have been eyeing up the solidly performing firm and news of its sale (full or partial) could throw investors a bone.
Tesco's business in Asia, Tesco Homeplus, could also raise billions of pounds, however, some have called instead for a rights issue as a better long-term solution.
5. Supplier fees
Lewis is expected to confirm that a host of complicated suppliers fees which were blamed for the supermarket's profit overstatement will be scrapped, according to reports. This is part of the Lewis turnaround to streamline product ranges and reduce the retailer's reliance on theses payments - a positive move for future finances.