Tesco
Tesco Fraud Charges, Cattles and Globo
The Serious Fraud Office (SFO) has charged three former managers of Tesco in relation to the overstatement of profits that occurred over several years and which came to light in 2014. The charges are fraud and false accounting and those charged are Carl Rogberg (finance director at the time), Christopher Bush (UK Managing Director) and John Scouler (UK Commercial Director).
The former Chief Executive, Philip Clarke, has not been charged but is apparently still under investigation in relation to the offences. Neither ...
Brexit Result Impact and Tesco AGM
The result is in, and the people have spoken. We will now leave the EU, unless of course there is some more re-negotiation or other fudge which would probably require some U-turns by politicians. They are of course adept at finessing such manoeuvres so don't be surprised if the outcome is not quite as simple as it might first appear.
The pound has already fallen substantially (I am writing this just before the stock market opened). Is that a disaster? Not quite ...
Tesco Results and Elementis AGM
Tesco (TSCO) and Elementis (ELM) - two very different companies. The first announced their preliminary results this morning, and the second held their AGM today which I attended.
The opening line of the Tesco announcement says it all: "It's has been a very difficult year for Tesco". Although it said like-for-like sales volumes were up for the first time in four years, the rest of the commentary was pretty negative and of course there will be no final dividend.
Debts are rising, pension ...
Tesco Legal Action – or should we just “put our hands up”?
Law firm Stewarts Law has announced that it is preparing a case against Tesco based on the losses of investors in the company from the overstatement of profits. To quote from their announcement: "The Claim will allege that directors and senior management knew or were reckless as to whether Tesco's statements to the market were untrue or misleading and/or dishonestly concealed the true position, in breach of the Financial Services and Markets Act". They don't intend to await the results of ...
Sainsbury and Tesco (do they need a pressure group?)
Following on from the debacle at Tesco, Sainsbury produced some quite awful trading figures yesterday (1/10/2014). Here's a review of some of the news on those and other retailers.
Tesco
The Financial Conduct Authority (FCA) are undertaking an investigation into Tesco's "overstatement of expected profit". Making misleading statements to the market is potentially a criminal offence. How long that will take to reach any conclusions is anyone's guess. The result of such investigations are often reported to investors so late in the day ...
The Tesco Board – fit for purpose?
There was a very good article in the Financial Times today by Luke Johnson. It covers the problems at Tesco and suggests that "the stewardship at Tesco has been woeful". A particular focus is on the experience of board members, of which only one is executive (recently appointed Dave Lewis). It says "Like every single other director on the main board, he has no executive experience as a retailer whatsoever". Luke suggests they might have a wide and impressive set of ...
Tesco admits it needs a new leader
Today Tesco announced that CEO Philip Clarke is departing. The statement included a further profit warning which mentioned that the overall market is weaker and trading profit in the first half of the year is below expectations. It's surely an acceptance that Mr Clarke had been given long enough to turn around the business, but had ultimately failed (he has been in the CEO role since March 2011).
The new CEO is to be Dave Lewis who joins from Unilever where he has ...
How many corporate jets does Tesco need?
How many corporate jets does Tesco need? Four is the answer apparently. Every little helps (sic) as is their motto no doubt.The cost of these aircraft has actually risen in recent years and the expenditure on them was £8.9m last year.In addition the company has established a new "corporate" office in the West End of London for meetings rather than have directors travel to Cheshunt (that's just north of London for those who don't know).One has to ask whether they have ...
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Digital Marketing by Chillibyte.
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