Oh dear - things just seem to be going from bad to worse for poor Tescos as their share price has dropped after they announced a cut in the forecast of profits. They have just announced a hacking of the 6month dividend payment by 75% too. I still wouldnt feel too sorry for them, they still forecast profits of £2.4bn. Seems me taking my business elsewhere hasnt affected them too much Clive
You can tell Tescos profits have dropped, look at the voucher I got off my next shop! Used to be a fiver
Oh dear - it seems to just go from bad to worse for them with News breaking that they have now over estimated their profits by £250m ! 4 execs have been suspend pending an investigation and shares have fallen by 10%. What is going on? Seems that leadership team that Sir Terry Leahy left behind has gone just very slightly wrong.
Clive
“Yes, its amazing that the team should have fallen so short of the pace set by their leader! I think that perhaps one criticism that will hang over Sir Terry's leadership is that he did not hand the baton over cleanly to the next generation. Or that they did not receive it cleanly. ”
Think they dropped it and haven't been able to find it! Clive
Oh crikey! More trouble ahead.... According to the beeb: the chairman of the Parliamentary Business Committee, Adrian Bailey said his reaction to Tesco's error was one of "disbelief" and Tesco executives could be quizzed by MPs after its "stratospheric" error over profits. Looks like they were between finance officers leaving no one with their finger on the financial pulse of the company. Whoops
Just saw this as well... Tesco mothballs £22m Cambridgeshire store costing 250 jobs Tesco decided to shelve its soon-to-open £22m megastore in Chatteris just hours after a Tesco whistleblower exposed the retailer's £250m black hole.. Every little helps...
I dont understand the logic behind this Surely the moment they opened the store they would be making money? I hope another supermarket takes over the building and locks Tescos out of the Town - they dont deserve the local peoples custom! Clive
seems weird writing off £22 million. Must be some reason, maybe some obscure accountancy issue, unless they have had a better offer for the land? Stores are normally in very good locations, prob squeeze a lot of houses onto a Tesco plot! Shakester
And 3 more exec's have been "asked" to step aside as the investigation deepens on the 1/4 billion over forecast on profits. Are they going to have any top brass left at this rate? Clive
I thought this would brighten up your busy day Clive. Just playing with the new Google panels and saw this one for Tescos Share price:
So anyone fancy investing? Even Warren Buffet is bailing out according to the Beeb. Could be a good long term punt, or how low will it go before it recovers? Reminds me of the good old RBS/Lloyds share crash |
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