This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-26880947
The article has changed 8 times. There is an RSS feed of changes available.
Version 2 | Version 3 |
---|---|
Tesco finance director expected to resign | Tesco finance director expected to resign |
(about 1 hour later) | |
Tesco's finance director is expected to leave his post ahead of what is likely to be a second fall in profits in as many years. | Tesco's finance director is expected to leave his post ahead of what is likely to be a second fall in profits in as many years. |
Speculation that Laurie McIlwee may quit comes as Tesco finds itself locked in a price war with rivals. | Speculation that Laurie McIlwee may quit comes as Tesco finds itself locked in a price war with rivals. |
Tesco posts its full-year results on 16 April. Analysts expect pre-tax profits to fall to £3bn from £3.2bn a year earlier. | |
In October Tesco reported a 23.5% fall in half year pre-tax profits. | In October Tesco reported a 23.5% fall in half year pre-tax profits. |
It blamed the fall on a challenging retail environment, particularly in Europe. | It blamed the fall on a challenging retail environment, particularly in Europe. |
UK like-for-like sales - which exclude new store openings - fell by 0.5%. | UK like-for-like sales - which exclude new store openings - fell by 0.5%. |
At the same time Sainsbury's reported a 2% rise in like-for-like sales during the second quarter of its financial year. | At the same time Sainsbury's reported a 2% rise in like-for-like sales during the second quarter of its financial year. |
Mr McIlwee's expected resignation comes after investors are thought to have aired frustrations relating to October's half year figures. | Mr McIlwee's expected resignation comes after investors are thought to have aired frustrations relating to October's half year figures. |
Tesco shares were were 1% lower on Friday at 288.58p. | Tesco shares were were 1% lower on Friday at 288.58p. |
Last April's full year results showed a £1.2bn write-down on Tesco's Fresh & Easy US chain of stores, which had never turned a profit. | Last April's full year results showed a £1.2bn write-down on Tesco's Fresh & Easy US chain of stores, which had never turned a profit. |
Tesco also wrote down £804m on its UK property portfolio. | Tesco also wrote down £804m on its UK property portfolio. |