Tesco issues profit warning

Tesco issues profit warning

Tesco has just issued a profit warning, lowering its profit forecast from 2.8 billion pounds (3.53 billion euro) to 2.4 billion pounds (3.02 billion euro), while also dialing down on investments.

New CEO starts work earlier

 

The profit alert was also joined by the news that the new CEO, Dave Lewis, would start his job on Monday, a month earlier than previously announced. Shareholders' dividends have been lowered 75 % compared to the year before, a 600 million pounds (755 million euro) saving for Tesco.

 

The company will also lower funds for investments to a maximum of 2.1 billion pounds (2.64 billion euro), 400 million pounds (503 million euro) lower than previously stated and 600 million pounds (755 million euro) lower than a year before.

 

"The Board's priority is to improve the performance of the Group. We have taken prudent and decisive action solely to that end", chairman Sir Richand Broadbent said.

Questions or comments? Please feel free to contact the editors


Hugo Boss reaches growth targets for 2017

16/01/2018

German fashion brand Hugo Boss managed to reach its targets for 2017, partially thanks to strong fourth quarter growth. For its full fiscal year, turnover grew 3 % if we ignore exchange rate fluctuations.

C&A owners consider sale to Chinese investors

15/01/2018

The Dutch Brenninkmeijer family is considering to sell clothing chain C&A according to German magazine Der Spiegel. One option is to sell to Chinese buyers.

Gucci opens restaurant and museum in Florence

12/01/2018

Fashion brand Gucci opened a museum and a restaurant for fifty people in Florence. Three-star chef Massimo Bottura will serve high-quality meals there.

 

Kering hands over control of Puma

12/01/2018

French luxury group Kering will get rid of 70 % of German sports brand Puma’s shares and wants to turn its attention to its luxury brands. Puma does not fit into that category.

Luxury group Richemont grows 7 percent

11/01/2018

French luxury group Richemont achieved a 7 % third quarter revenue increase. Unfortunately, exchange rate fluctuations eliminated nearly everything.

Uniqlo's parent company posts record profit

11/01/2018

Japanese fashion brand Uniqlo’s parent company, Fast Retailing, has posted a record first quarter profit. A huge growth in its foreign sales means they are now larger than its Japanese turnover, for the first time ever.

Back to top