The Canadian Press - ONLINE EDITION

Tesco shares drop after Britain's largest retailer issues profit warning

  • Print

LONDON - Tesco shares have dropped sharply after Britain's largest retailer by revenue issued another profit warning and slashed its dividend to shareholders by 75 per cent.

The supermarket giant says market conditions remained challenging, cutting its forecast for 2014-2015 trading profits to between 2.4 billion pounds ($3.9 billion) and 2.5 billion pounds. Forecasts had been for 3.3 billion pounds.

Tesco says Dave Lewis, most recently an executive at Unilever, would start his job as CEO on Monday, a month earlier than planned. The company says he will review "all aspects of the group in order to improve its competitive position."

He replaces Philip Clarke, who struggled amid intense competition from retailers catering to customers hit by tough economic times.

Shares were down 4.7 per cent to 234.85 pence Friday.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Architect Antoine Predock speechless after CMHR opening

View more like this

Photo Store Gallery

  • Someone or thing is taking advantage of the inactivity at Kapyong Barracks,hundreds of Canada Geese-See Joe Bryksa’s goose a day for 30 days challenge- Day 15- May 22, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A young goose gobbles up grass at Fort Whyte Alive Monday morning- Young goslings are starting to show the markings of a adult geese-See Bryksa 30 day goose challenge- Day 20– June 11, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Do you think the Scottish independence referendum will have an effect in Canada?

View Results

View Related Story

Ads by Google