Tesco set to announce record £5bn losses
The supermarket group’s boss, Dave Lewis – who replaces axed chief Philip Clarke last year – has vowed to turn the company’s fortunes around
Troubled retail giant Tesco is set to announce record losses of up to £5billion this week – the worst performance in its 97-year history.
Clive Black of stockbrokers Shore Capital said Wednesday’s announcement will be a “horror show” for the retailer, still reeling from a Serious Fraud Office probe after it admitted exaggerating half-year profits by £264million last autumn.
Mr Black said: “Within a generation Tesco went from a reasonably robust British grocer to the world’s third largest supermarket group.
“Now it must reorder its rebalance sheet and focus on reducing its costs. Tesco still has a 29% share of the UK grocery market.”
Boss Dave Lewis – who replaced axed chief Philip Clarke last year – has vowed to take the firm, which has 320,000 UK staff, back to what made it a global success.