Editor For Harpers Wine & Spirit
The national media’s business press has been busy this morning analysing Tesco’s half-year 92% drop in pre-tax profits and even larger accounting black hole and looking at ways it can get itself out of the mire and back to leading the UK grocery retail market.
The Serious Fraud Squad has said today it is “following developments at Tesco with interest” on the back of news that the profits black hole at the UK’s biggest supermarket is higher than first thought.
The sales crisis at Tesco is even worse than first feared with a 92% drop in pre-tax profits for the last six months, an even larger profits black hole than first announced and a blunt admission from new chief executive, Dave Lewis, that it has its work cut out to win back the trust of its customers.
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