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Tesco News

12 Apr 2017

Tesco logs £ 40 million annual net loss on accounting scandal

The after-tax loss, equivalent to $50 million or 47 million euros, was skewed by a £235-million hit in costs arising from the three-year-old scandal.

28 Mar 2017

Tesco to pay $162 million to settle false accounting charges

Britain`s biggest retailer Tesco has agreed to pay a $162 million fine plus compensation to settle an investigation over a 2014 accounting fraud that sparked the biggest crisis in the company`s near 100-year history.

13 Oct 2016

Tesco pulls Unilever goods in Brexit row after pound plunges

Britain`s biggest retailer Tesco pulled Unilever goods such as Marmite from its website in a pricing row sparked by the Brexit-induced plunge in the pound, one of the most vivid signs to date of how leaving the EU could hurt consumers.

British supermarket

14 Jan 2016

Tesco says Q3 sales dip, but improve over Christmas

07 Oct 2015

British supermarket Tesco reports £365 million loss in first half

Tesco is seeking to overhaul its business after reporting the biggest annual loss in its near 100-year history of £5.74 billion for the year to February.

26 Jun 2015

Britain's Tesco reports improvements despite sales drop

British supermarket giant Tesco reported a 2.0 percent drop in sales for its first quarter Friday and warned of "volatility" but said performance was improving following a record annual loss.

29 May 2015

Tesco scandal puts spotlight on UK's annual company audit checks

Tesco's book-keeping scandal has prompted Britain`s accounting policeman to turn a spotlight on annual reports in the retail sector to check for similar irregularities.

Britain retailer

22 Apr 2015

Tesco reports £5.74 bn annual net loss

Britain`s biggest retailer, supermarket group Tesco, announced Wednesday that it had plunged massively into the red last year as it took a hit on the value of its property.

17 Feb 2015

Britain`s Tesco picks new chairman

Troubled British supermarket giant Tesco on Tuesday named John Allan as chairman, ending a four-month search after Richard Broadbent resigned amid an accounting scandal.

15 Feb 2015

Tesco to cut up to 10,000 jobs - Sunday Telegraph

Britain`s biggest supermarket Tesco could cut up to 10,000 jobs as part of its attempts to halt a slide in profits, The Sunday Telegraph newspaper reported.

28 Jan 2015

Britain's Tesco says 2,000 jobs under threat

Troubled British supermarket giant Tesco said Wednesday it could axe as many as 2,000 jobs under plans to shut 43 stores in a company-wide overhaul.

14 Jan 2015

Tesco debt cut to junk by Standard & Poor`s

Britain`s Tesco suffered a fresh blow Wednesday as Standard & Poor`s became the second ratings agency after Moody`s to slash the troubled supermarket`s debt to junk status, despite its turnaround plans.

08 Jan 2015

Tesco kicks off fightback with cost cuts and asset sales

Tesco will slash costs and sell assets to fund lower prices and mend its finances, Britain`s biggest retailer said on Thursday.

09 Dec 2014

Tesco warns on profits amid fraud probe

Supermarket group Tesco, Britain`s biggest retailer, said Tuesday said it expected profits to take a major hit as it refocuses the business amid a fraud investigation into its finances.

26 Nov 2014

Tesco shareholders sue over profits overstatement

Tesco shareholders are to sue the British supermarket giant for compensation after the revelation of profit overstatements sent its stock tumbling, a London law firm said on Tuesday.

23 Oct 2014

Tesco chairman resigns as profits error deepens

The chairman of Britain`s biggest retailer Tesco resigned on Thursday as the troubled supermarket group said a huge accounting error began earlier than thought and contributed to plunging profits.

Britain retailer

22 Sep 2014

Tesco cuts profit outlook and suspends staff after accounting error

Britain`s biggest retailer, supermarket group Tesco, has launched an investigation after revealing that it had overstated its half-year profit forecast by £250 million ($409 million, 318 million euros), it said on Monday.

FDI in multi-brand retail

08 Sep 2014

Government not to allow FDI in multi-brand retail

The union government has decided not to allow any foreign direct investment in the multi-brand retail trade. This was stated by Commerce and Industry Minister- Nirmala Sitharaman on Monday.

British supermarket

29 Aug 2014

Tesco issues new profit warning, slashes dividend

Troubled British supermarket giant Tesco on Friday issued another profits warning and slashed its shareholder dividend by 75 percent, blaming challenging trade and the high cost of investment.

08 Aug 2014

'India only received investment bid in multi brand from Tesco'

Apart from UK-based Tesco Plc, the government has not received any other proposal for investment in the country's multi brand retail sector so far, Parliament was informed on Friday.

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