Franchising, retail, business
09/12/2014
Tesco has warned its full-year profits will be substantially below market expectations.
The supermarket chain said its group trading profit for the full financial year "will not exceed £1.4bn", below the £1.8bn to £2.2bn range expected by markets.
The downgraded guidance follows its admission earlier this year that it had misstated its profits by £263m.
Its shares plunged 16% following the unscheduled trading update.
The firm said it had implemented new policies and procedures since the accounting problems came to light, and its new approach would "ensure that revenue recognition is transparent and appropriate".
It said it had retrained its "entire team" and invested further in its service.
"While the steps we are taking ... are impacting short-term profitability they are essential to restoring the health of our business," said Tesco chief executive Dave Lewis.
"Our priorities remain restoring competitiveness in the UK, protecting and strengthening the balance sheet and rebuilding trust and transparency," Mr Lewis added.
He emphasised the group would not "engage in short term actions that compromise in any way our offer for customers".
Mr Lewis, a former Unilever executive, started as boss of Tesco on 1 September.
In August, before the accounting irregularities came to light, Tesco had already cut its profit forecast for the year to £2.4bn from £2.8bn.
Billions wiped off shares
The Serious Fraud Office (SFO) is currently carrying out a criminal investigation into the accounting irregularities at Tesco.
Tesco had been doing deals with suppliers over promotions, which is commonplace for supermarkets, but it appears Tesco had been booking returns from those promotions too early, while pushing back the costs.
The incident, which came to light in September, caused shares in Tesco to plunge, wiping billions off the value of Britain's biggest supermarket chain.
Eight executives were suspended while an investigation into the accounting irregularities was carried out, and it is understood that four of the suspended executives have now left the company.
Tesco said it planned to update the market further on 8 January.
"Just when the market thought Tesco were prepared to tough it out for Xmas they go and announce a huge profit warning, flagging that full-year trading profits will not exceed £1.4bn, some 20% below recent expectations, because of unspecified actions to improve UK competitiveness," said Nick Bubb an independent retail analyst.
Fonte:http://www.bbc.com/news/business-30391447?ns_mchannel=social&ns_campaign=bbc_breaking&ns_source=twitter&ns_linkname=news_central
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