Menu
23/10/2014
Tesco Chairman Quits As Profits Plummet
Tesco Chairman Sir Richard Broadbent is to stand down, after the retailer reported a 92% drop in pre-tax profits.
The firm also revealed that the accounting black hole in its profits is larger than anticipated.
Mr Broadbent said he would quit as soon as the new Chief Executive, Dave Lewis, established his strategy for the firm, which is expected to be next year.
Sir Richard said: "The issues that have come to light over recent weeks are a matter of profound regret. We have acted quickly to clarify the financial performance of the company.
"A new management team is in place to address the root causes of the mis-statement and to develop and implement the actions that will build the company's future."
An internal investigation by Deloitte into its procedures revealed historic failures in its UK food business.
Pre-tax profits fell to £112m while UK trading profit was down 55.9% to £499m. Tesco's share price has plummeted more than 50% in the last year.
(CD/JP)
The firm also revealed that the accounting black hole in its profits is larger than anticipated.
Mr Broadbent said he would quit as soon as the new Chief Executive, Dave Lewis, established his strategy for the firm, which is expected to be next year.
Sir Richard said: "The issues that have come to light over recent weeks are a matter of profound regret. We have acted quickly to clarify the financial performance of the company.
"A new management team is in place to address the root causes of the mis-statement and to develop and implement the actions that will build the company's future."
An internal investigation by Deloitte into its procedures revealed historic failures in its UK food business.
Pre-tax profits fell to £112m while UK trading profit was down 55.9% to £499m. Tesco's share price has plummeted more than 50% in the last year.
(CD/JP)
Related UK National News Stories
Click here for the latest headlines.
22 April 2015
Tesco Announce Pre-Tax loss Of £6.4bn
Supermarket chain Tesco, has reported a pre-tax loss of £6.4 billion for the year to the end of February. It is the largest loss in the company's history, and compares to a pre-tax profit of £2.26bn for the same period last year.
Tesco Announce Pre-Tax loss Of £6.4bn
Supermarket chain Tesco, has reported a pre-tax loss of £6.4 billion for the year to the end of February. It is the largest loss in the company's history, and compares to a pre-tax profit of £2.26bn for the same period last year.
21 September 2004
Tesco half-year results show big growth in profits
Tesco has reported a massive surge in growth – notching £16.5 billion in sales, up 12.2% on last year's mark. According to the company's half-year interim results ending in August, underlying group pre-tax profit increased by 24.4% to £822 million.
Tesco half-year results show big growth in profits
Tesco has reported a massive surge in growth – notching £16.5 billion in sales, up 12.2% on last year's mark. According to the company's half-year interim results ending in August, underlying group pre-tax profit increased by 24.4% to £822 million.
20 September 2005
Tesco reports profits rise
Britain’s leading supermarket group, Tesco, has reported an 18.7% rise in profits in their first-half sales figures. The supermarket giant saw pre-tax profits rise to £908 million for the 24 weeks to August 13, beating average forecasts of £886 million. The group also reported a rise in sales of 14.1% to £18.
Tesco reports profits rise
Britain’s leading supermarket group, Tesco, has reported an 18.7% rise in profits in their first-half sales figures. The supermarket giant saw pre-tax profits rise to £908 million for the 24 weeks to August 13, beating average forecasts of £886 million. The group also reported a rise in sales of 14.1% to £18.
15 April 2008
Tesco Profits Soar By 11.8%
Supermarket giant Tesco has reported an 11.8% rise to £2.8bn in annual profits for the year ending 23 February. Despite a slump in the retail market, Tesco reported strong growth in its international and online business, contributing to trading profits of £2.75bn.
Tesco Profits Soar By 11.8%
Supermarket giant Tesco has reported an 11.8% rise to £2.8bn in annual profits for the year ending 23 February. Despite a slump in the retail market, Tesco reported strong growth in its international and online business, contributing to trading profits of £2.75bn.
12 April 2005
Tesco profits top £2 billion
The UK's leading supermarket chain, Tesco, has become the first British retailer to announce annual profits in excess of £2 billion. The latest figures revealed by the company show that the group posted underlying pre-tax profits of £2.03 billion, an increase of 20.5% from 2004 figures. The supermarket reported global sales of £37.
Tesco profits top £2 billion
The UK's leading supermarket chain, Tesco, has become the first British retailer to announce annual profits in excess of £2 billion. The latest figures revealed by the company show that the group posted underlying pre-tax profits of £2.03 billion, an increase of 20.5% from 2004 figures. The supermarket reported global sales of £37.
-
Northern Ireland WeatherThis Evening and Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
