Tag: accounting

Tesco in turmoil: Profits fall as Aldi and Lidl effect strikes supermarket giant

October 23, 2014 admin No comments

Tesco in turmoil: Profits fall as Aldi and Lidl effect strikes supermarket giant Tesco’s sales are down (Picture: PA) Tesco has announced a 91.9% plunge in pre-tax profits to £112 million for the first half of the year. Britain’s biggest supermarket also revealed that an investigation into overstated profit expectations had concluded it had an impact of £263 million. The group’s chairman Sir Richard Broadbent said he was preparing to step down, adding: ‘The issues that have come to light are a matter of profound regret.’ Tesco chairman Sir Richard Broadbent who has said he was preparing to step down (Picture: PA) UK like-for-like sales were down 4.6% for the six months to […] Read more →

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