Tesco boss Dave Lewis tells court of ‘shock’ at discovery of accounts misstatement October 11, 2018 Tesco chief executive Dave Lewis told Southwark Crown Court today of his “genuine shock” at being presented with an internal memo detailing a £250m misstatement in the supermarket giant’s accounts. Lewis, a witness at the fraud trial of Tesco’s ex-managing director Chris Bush and ex-UK food commercial director John Scouler, said he was presented with [...]
Tesco execs stayed silent about a massive hole in its accounts say prosecutors October 9, 2018 Two senior former Tesco executives on trial for fraud in London were presiding over a “car crash waiting to happen” Southwark Crown Court heard today. Sasha Wass QC, prosecuting for the Serious Fraud Office (SFO), said Tesco’s former UK managing director Chris Bush and ex-UK food commercial director John Scouler were aware of a shortfall [...]
Former Tesco directors face court over roles in 2014 accounting scandal October 8, 2018 Two former Tesco directors faced allegations in court today that they manipulated figures that resulted in the supermarket chain's 2014 accounting scandal and a £2bn wipe-off of its share price. Christopher Bush, Tesco's former UK managing director, and ex-UK food commercial director John Scouler have each been charged with one count of fraud and false accounting. Former UK [...]
Tesco scraps best before dates on fruit and veg lines as supermarket aims to cut food waste October 8, 2018 Tesco will remove the best before dates on apples, oranges and dozens of other fruit and vegetables in its latest attempt to help reduce food waste, the company announced today. The store is set to scrap dates on 116 fresh produce products, a move it claimed 69 per cent of customers would support. It wants to [...]
Tesco share price falls despite taking the fight to supermarket rivals with rising revenues October 3, 2018 Tesco aimed to cement its status as the UK’s largest supermarket today with rising revenue and operating margins as it fights off competition from merging rivals and cheaper competitors. However, shares fell more than seven per cent in morning trading as the retailer missed a key profit metric. The figures The retail giant posted a 13 [...]
Store wars: Aldi is in no mood to be Jack’s of all trades October 2, 2018 Aldi vowed to make Tesco discounter brand Jack’s a dull boy yesterday, saying it will remain the UK’s cheapest grocer. “It will be a real struggle for any more complex supermarket to successfully imitate our model let alone replicate it,” Giles Hurley, chief exec of Aldi UK and Ireland, said as he threw down the [...]
Aldi may drop prices to compete with Tesco’s new budget venture Jack’s October 1, 2018 Low-cost supermarket chain Aldi "will never be beaten on price", and could even drop them in response to Tesco's new low-cost venture Jack's, it said today. UK and Ireland chief executive Giles Hurley said Aldi welcomes competition from new players such as Jack's, adding: "If we need to reduce retail prices we will." Read more: Drastic Dave's no-frills move must [...]
Tesco Bank hit with £16.4m fine for ‘largely avoidable’ cyber attack October 1, 2018 The financial watchdog has slapped a hefty £16.4m fine on Tesco Bank for a "largely avoidable" cyber attack that hit customers in 2016. The Financial Conduct Authority (FCA) said the bank had failed to exercise "due skill, care and diligence in protecting its personal current account holders" in the breach, in which attackers gained £2.26m. The FCA's executive [...]
Bumper summer and Booker buyout set to boost Tesco profits September 30, 2018 Tesco will be hoping to post strong first-half profits on Wednesday, as a blistering summer heatwave, successful World Cup run and a royal wedding are all likely to have boosted the firm’s performance. Consensus estimates compiled by S&P Global Market Intelligence show that earnings before tax (excluding exceptions) could hit £795m in the first six [...]
We are veering towards a Brexit brain drain – it’s time for brands to shake things up September 26, 2018 There is a lack of innovation among British businesses; this was a problem highlighted in our latest research. It’s also a problem which threatens the future of UK businesses outside of the EU bloc, potentially hindering our ability to attract and retain talent. Fast-growing economies such as China, Indonesia, India, the US, and Germany [...]