Tesco: Here’s what the City and analysts are saying about record annual losses April 22, 2015 As the details of Tesco's losses and its turnaround plans sink in around the City, here's the initial take from analysts, business experts and even the man funding shareholder litigation against Tesco over the profit overstatement last year that triggered it all. Louise Cooper, CooperCity – "Tesco is like Miliband – it has two kitchen [...]
Tesco results: Three things you need to know after today’s annual loss announcement April 22, 2015 Tesco's results are out and there's a lot to take in – market reaction had been mixed this morning, initially up and now largely flat. Here are the three key things you need to know about Tesco this morning after shock losses at the supermarket. 1. How huge? This huge To put Tesco's £6.38bn loss [...]
Video: Here’s what Dave Lewis has to say about Tesco’s massive £6.4bn loss April 22, 2015 Tesco chief Dave Lewis has said he is not happy with the "significant" numbers in today's full-year results in which the supermarket reported record losses of £6.38bn. In a video discussing the latest figures alongside finance chief Alan Stewart, created by Tesco, when asked what's gone wrong, Lewis said the numbers were " significant" and [...]
Tesco: The decline and fall of the supermarket giant and its share price in one chart April 22, 2015 The business world is reacting to the news that Tesco has racked up a £6.38bn loss – one of the biggest losses ever made by a UK company. The beleaguered supermarket’s pre-tax losses for the year are even higher than the £5bn markets had been expecting. There was also a big hit from the writedown of [...]
Tesco racks up record £6.38bn loss in worst year in supermarket’s history April 22, 2015 Tesco has racked up a £6.38bn loss – the worst year in the supermarket's 96-year history. It's one of the biggest losses ever made by a UK company, and the biggest ever made by a British retailer. The beleaguered supermarket's pre-tax losses for the year are even higher than the £5bn markets had been expecting. One-off [...]
Tesco set to report record loss. Is new boss Dave Lewis the man to lead a turnaround? April 20, 2015 Dave Lewis arrived at Tesco with the nickname “Drastic Dave” – earned after he streamlined Unilever UK in 2007, cutting 40 per cent of costs and 300 jobs. When he took up the role of Tesco chief executive in September he had every reason to live up to that moniker. Facing a £263m accounting error, [...]
Five things to expect from Tesco’s results this week: Billion-pound losses, a pension blackhole, property writedown and more April 20, 2015 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. LATEST: Tesco racks up worse than expected £6.38bn loss in worst year in supermarket's history With [...]
British icon Tesco rebounds but will it ever attain its past glory? – Brand Index April 14, 2015 Are there now real signs of recovery for Tesco? Its battle – not just against its traditional big four rivals but the German discounters too – has a long way to run, but the YouGov BrandIndex points towards areas in which it is succeeding. Tesco’s nadir was reached prior to Christmas, its brand image damaged [...]
Tesco begins land sell-off in cost-cutting drive March 30, 2015 Tesco has hired property advisory firm Savills to sell six development sites as part of plans announced earlier this year to cut costs. Chief executive Dave Lewis said in January that he would halve capital spending and save £250m a year by axing 43 stores, shelving 49 projects and closing its Cheshunt head office. The [...]
Philip Clarke just left Tesco – again March 25, 2015 Eh up. Anyone got a sense of deja vu? Tesco has announced chief executive Philip Clarke had decided to step down, retiring after 40 years in the job. The revelation left supermarket-watchers confused – surely Clarke has already departed, to be replaced by former Unilever man "call me Dave" Lewis? Clarke left the supermarket under a [...]