The Tesco dilemma by numbers
How have yesterday's 'accounting error' revelations affected the grocery giant? We crunch the numbers
Print23 September 2014
£250m (€317m) – How much Tesco had to slash its profit forecasts by, following the discovery of an ‘accounting error’
£2.2bn (€2.8bn) – The amount wiped off Tesco’s market capitalisation
£850m (€1.08bn) – The revised profits for the first half of Tesco’s financial year, as opposed to the expected £1.1bn
13 – The percentage by over which Tesco’s shares plunged at one point
11.6 – The percentage by which Tesco’s shares closed lower in London trade yesterday evening.
Four – The number of senior executives placed on leave by new CEO Dave Lewis until a probe headed by tax firm Deloitte and legal advisors Freshfields is completed. The retailer has suspended Chris Bush, its UK boss, Carl Rogberg, its UK finance director, John Scouler, its food commercial director, and Matt Simister, the head of food sourcing. It has since appointed Robin Terrell, its multichannel director, to head the UK’s leadership team. Jason Tarry, head of clothing, will assume Scouler’s role.
Three – The number of months new CFO Alan Stewart’s commencement date has been brought forward by. Stewart who quit the same role at Marks & Spencer on 10 July, was meant to be on ‘gardening leave’ until December but actually commences his new role today.
33 – The percentage drop in Tesco’s European business outside the UK – to £238m
25.4 – Tesco’s market share percentage in Ireland, according to the latest Kantar Worldpanel figures – down from 27% in the same period last year
5.5 – The percentage sales at Tesco Ireland fell by in the first quarter of the year, due to an “intensely competitive” market, according to its latest financial results
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