Tesco boss Dave Lewis promises 'full and thorough investigation' into profit overstatment

Posted by Unknown on Monday, September 22, 2014


The BBC and Sky News reported that Chris Bush, the managing director of Tesco's UK business, was one of the four.


Mr Lewis declined to comment on Bush but said Robin Terrell, the firm's multi-channel director, had stepped in to run the UK business.


Tesco has appointed a new tax adviser Deloitte to undertake an independent and comprehensive review of the issues, working closely with Freshfields, its external legal advisers.


The grocer said last month it expected trading profit for the six months ending August 23 to be in the region of £1.1 billion.


The new forecast of £850 million means group trading profit has nearly halved from the £1.6 billion it recorded in the comparable period last year.


Under its previous chief executive Phil Clarke, Tesco issued three profit warnings in two and a half years as it lost UK market share to fast-growing German discounters Aldi and Lidl as well as upmarket rivals Waitrose and Marks & Spencer.





more

{ 0 comments... » Tesco boss Dave Lewis promises 'full and thorough investigation' into profit overstatment read them below or add one }

Post a Comment

Popularne posty