Dave Lewis admits long road ahead for Tesco recovery April 22, 2015 Tesco boss Dave Lewis admitted yesterday that he faced a larger task than expected turning around the struggling supermarket giant, as it reported the worst results in its 96-year history. Lewis – known as “Drastic Dave” for his radical overhaul of businesses at Unilever and now at Tesco – acknowledged that the task of turning [...]
Historic Tesco loss sparks share price slump: Dave Lewis has to move from “drastic” to “dynamic” April 22, 2015 2007: TESCO’S PEAK MARKET SHARE 31.7% MARKET SHARE MARCH 2015 28.4% Shares in Tesco slumped by five per cent yesterday after the retail giant capped a year of profit warnings, accounting scandals and fraud investigations by posting one of the biggest losses in corporate history. Britain’s biggest supermarket made a statutory pre-tax loss of £6.4bn [...]
Back to basics for Tesco: Dave Lewis’s plan has a fighting chance of success April 22, 2015 If Tesco chief executive Dave Lewis takes any pleasure in yesterday’s apocalyptic-sounding headlines, it will be the knowledge that the “kitchen sinking” is complete – surely there can be no more bad news for the retailer to announce. Such a huge loss – £6.4bn in the year to the end of February, and one of [...]
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 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, [...]
Tesco loses Harris + Hoole and Giraffe chief Michael Holmes amid Dave Lewis restructure March 9, 2015 Tesco has lost another senior executive, after the man in charge of its Harris + Hoole coffee shops and restaurant chain Giraffe stepped down. Chief executive of new food experiences Michael Holmes, the man behind Tesco’s strategy to offer dining experiences in-store in a bid to pull in customers, has fallen on the wrong side [...]
Drastic Dave reveals 43 Tesco store closures January 28, 2015 TESCO chief executive Dave Lewis yesterday lived up to his nickname “drastic Dave” as the company named the 43 stores it would be closing in a bid to revive its flagging fortunes. The retailer said it would shut 30 convenience stores – including 18 Express outlets and 12 inner-city Metro shops – along with seven [...]
Tesco boss Dave Lewis given dressing down over “toxic culture” as he pulls controversial plans for Ealing Green store January 16, 2015 Tesco has pulled its plans for a controversial new store on Ealing Green – despite it not being on the list of those dropped under Dave Lewis' new strategy. But that still hasn't stopped the new chief executive coming in for a dressing down by an angry campaigner over Tesco's “toxic culture”, claiming [...]
Tesco tells a third of senior directors they face redundancy or demotion as Dave Lewis’ restructure begins to bite January 16, 2015 Tesco has started warning senior directors that they face redundancy or demotion, as part of a restructure designed to get the supermarket back on track. Around a third of these key decision-makers have been told by Tesco top brass that they face redundancy or “changed responsibilities at a lower work level”, according to [...]
Tesco share price rallies as chief Dave Lewis wins over City funds, but Moody’s issues junk rating January 8, 2015 Tesco boss Dave Lewis won the cautious backing of stock-pickers yesterday as he unveiled radical plans to cut hundreds of millions of pounds worth of costs in a bid to revive the fortunes of the troubled supermarket. Shares rallied 15 per cent, marking their biggest one-day gain in six years. Yet lenders to the retail [...]