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The UK's largest retailer and the third largest in the world has revealed that it has overstated its half-yearly profits by over £250m.
Tesco have been amazingly successful over the last 20-30 years introducing all kinds of innovations and managing to position itself in the heart of British retailing. Over last couple of years some of that momentum has gone. The UK grocery market has become even more competitive and Tesco like many mid-market brands is experiencing squeeze from above (Waitrose and M&S) and below (Asda, Lidl, Aldi). Attempts to expand overseas have been patchy.
Because actual business performance isn't so good then sweating the numbers is the only way to improve profits. Unfortunately it seems that they've sweated it a little too far this time.
The UK's largest retailer and the third largest in the world has revealed that it has overstated its half-yearly profits by over £250m.
Tesco have been amazingly successful over the last 20-30 years introducing all kinds of innovations and managing to position itself in the heart of British retailing. Over last couple of years some of that momentum has gone. The UK grocery market has become even more competitive and Tesco like many mid-market brands is experiencing squeeze from above (Waitrose and M&S) and below (Asda, Lidl, Aldi). Attempts to expand overseas have been patchy.
Because actual business performance isn't so good then sweating the numbers is the only way to improve profits. Unfortunately it seems that they've sweated it a little too far this time.
via JREF Forum http://ift.tt/1rgLbYx
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