• Home
  • History
  • News
  • Business
    • Business News
    • Business Mag
  • Sport
    • Football
    • NAFC
    • Cricket
    • Durham Wildcats
    • American Football
    • Baseball
    • Rugby
    • Youth Football
  • Features
    • Blog
    • Picture Galleries
  • Community
    • A.T People
    • Services Directory
  • Video
  • Contact
  • Advertise
Aycliffe Today
Aycliffe Today
  • Home
  • History
  • News
  • Business
    • Business News
      Award-winners BTS are net zero heroes

      Award-winners BTS are net zero heroes

      PCP chief proud to get award recognition

      PCP chief proud to get award recognition

      Lifetime Achievement Award is ‘crowning’ moment for Brian

      Lifetime Achievement Award is ‘crowning’ moment for Brian

      Husqvarna UK a cut above the rest with Company of the Year award

      Husqvarna UK a cut above the rest with Company of the Year award

    • Business Mag
      Aycliffe Business: Issue 72

      Aycliffe Business: Issue 72

      Aycliffe Business: Issue 71

      Aycliffe Business: Issue 71

      Aycliffe Business: Issue 70

      Aycliffe Business: Issue 70

      Aycliffe Business: Issue 69

      Aycliffe Business: Issue 69

  • Sport
    • Football
      Aycliffe Youthy round-up

      Aycliffe Youthy round-up

      Aycliffe stay third with 4-0 away win

      Aycliffe stay third with 4-0 away win

      Aycliffe go top with four wins from first four games

      Aycliffe go top with four wins from first four games

      Unbeaten start for Sports Club

      Unbeaten start for Sports Club

    • NAFC
      Aycliffe narrowly miss out on play-off place – but achieve record league finish

      Aycliffe narrowly miss out on play-off place – but achieve record league finish

      Aycliffe’s play-off push on track – last home game Easter Monday!

      Aycliffe’s play-off push on track – last home game Easter Monday!

      Aycliffe boost play-off hopes with win in Leeds

      Aycliffe boost play-off hopes with win in Leeds

      Aycliffe’s play-off hopes boosted by back-to-back wins

      Aycliffe’s play-off hopes boosted by back-to-back wins

    • Cricket
      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

    • Durham Wildcats
      WILDCATS FIGHTBACK TO SECURE CUP WIN

      WILDCATS FIGHTBACK TO SECURE CUP WIN

      WOLVES EDGE IT AGAINST WILDCATS

      WOLVES EDGE IT AGAINST WILDCATS

      DURHAM WILDCATS 73, GLASGOW ROCKS 99

      DURHAM WILDCATS 73, GLASGOW ROCKS 99

      WILDCATS SLAY LIONS AGAIN

      WILDCATS SLAY LIONS AGAIN

    • American Football
      WARRIORS BEAT AMERICAN HIGH SCHOOL

      WARRIORS BEAT AMERICAN HIGH SCHOOL

      WARRIORS START SEASON IN STYLE!

      WARRIORS START SEASON IN STYLE!

      WOODHAM WARRIORS VICTORIOUS

      WOODHAM WARRIORS VICTORIOUS

      WARRIORS COACH TO TRAIN GB SQUAD

      WARRIORS COACH TO TRAIN GB SQUAD

    • Baseball
      Aycliffe Cricket round-up

      Aycliffe Cricket round-up

      COUNCILLORS 'PITCH' FOR LOCAL SPORTS CLUB!

      COUNCILLORS 'PITCH' FOR LOCAL SPORTS CLUB!

      SPARTANS UP FOR TOP AWARD

      SPARTANS UP FOR TOP AWARD

      NEWTON AYCLIFFE SPARTANS AT WOODHAM

      NEWTON AYCLIFFE SPARTANS AT WOODHAM

    • Rugby
      Aycliffe fall to heavy defeat against league leaders

      Aycliffe fall to heavy defeat against league leaders

      Aycliffe notch up another loss in local derby

      Aycliffe notch up another loss in local derby

      Rugby: Aycliffe in bottom two after Whitley Bay defeat

      Rugby: Aycliffe in bottom two after Whitley Bay defeat

      Aycliffe return to winning ways with hard-fought victory over Bishop

      Aycliffe return to winning ways with hard-fought victory over Bishop

    • Youth Football
      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Newton Aycliffe Juniors round-up

      Newton Aycliffe Juniors round-up

      Aycliffe Juniors round-up

      Aycliffe Juniors round-up

  • Features
    • Blog
      Covid-19 crisis update from your MP

      Covid-19 crisis update from your MP

      ‘Now we must move forward’ says MP

      ‘Now we must move forward’ says MP

      Business Advice: Cash Flow

      Business Advice: Cash Flow

      The Aycliffe Blue Blog

      The Aycliffe Blue Blog

    • Picture Galleries
      Picture Gallery: Duke of Kent visits Ebac

      Picture Gallery: Duke of Kent visits Ebac

      PICTURES: Hitachi Opening Ceremony

      PICTURES: Hitachi Opening Ceremony

      PICTURES: ROF 59 in progress

      PICTURES: ROF 59 in progress

      PICTURES: Ayclife dancers in national finals

      PICTURES: Ayclife dancers in national finals

  • Community
    • A.T People
      Spring 2015

      Spring 2015

      December 2014

      December 2014

      Aug - Sept 2014

      Aug - Sept 2014

    • Services Directory
  • Video
  • Contact
  • Advertise
  • Follow
    • Facebook
    • Twitter
    • Youtube
Home
Business

TESCO SUSPEND EXECS AMID PROFITS INQUIRY

September 22nd, 2014 Martin Walker Business 0 comments 2156

top banner

tesco

Tesco has suspended four executives, including its UK managing director, after the supermarket overstated its half-year profit guidance by £250m.

It has launched an investigation, while the supermarket chain – which has a store in Newton Aycliffe – says it is now working to establish the impact of the issue on its full-year results.

Shares fell 10% in early trading today, reported the BBC.

“We have uncovered a serious issue and responded accordingly,” said Tesco chief executive Dave Lewis.

On a conference call later, Mr Lewis said “a number of people” had been suspended from duty while the investigation was under way.

UK managing director Chris Bush is one of those suspended, according to Radio 5 Live presenter Adam Parsons.

Mr Lewis said Robin Terrell, Tesco’s multi-channel director, will be “stepping in and running and leading the UK leadership team”, but he refused to confirm that Mr Bush had been suspended.

Mr Lewis, who took the helm at Tesco on 1st September, said the issue was “something completely out of the ordinary” and his priority was to carry out “a full and frank investigation”.

“We will take decisive action as the results of the investigation become clear,” he added.

Tesco also confirmed that there had been no chief financial officer (CFO) at the group over the past week, after its current CFO Laurie McIlwee left just over a week ago following his resignation in April.

Marks and Spencer’s chief financial officer (CFO) Alan Stewart was announced as Mr McIlwee’s replacement in July, but is not due to join Tesco until December.

On 29th August, Tesco had said it expected its trading profit for the six months to 23rd August to be about £1.1bn.

In its latest statement, Tesco said the profits overstatement was “principally due to the accelerated recognition of commercial income and delayed accrual of costs”.

It also said some of the error – which referred to its expected profits for the six months to 23rd August – was due to the timing of the accounting of payments between suppliers and Tesco.

Mr Lewis said this meant “an element of” expected revenue from its suppliers had been “reported in the wrong time period”.

“It’s about revenue received versus when the activity took place,” he added.

Tesco said “an informed employee” had alerted the board to the issue on Friday, and added it had already informed the UK’s financial regulator, the Financial Conduct Authority.

As a result of the problem, Tesco has pushed back the release of its interim results to 23rd October, from 1st October.

Deloitte will carry out its investigation with Freshfields, the group’s external legal advisers. Tesco’s usual auditors are PricewaterhouseCoopers.

Shares in Tesco reached an 11-year low in August after the firm cut its full-year profit forecast to £2.4bn from £2.8bn.

The supermarket group has been battling falling sales and a decline in its market share as discount chains such as Aldi and Lidl have gained in popularity.

Previous chief executive Philip Clarke stood down in July after his attempts to revive Tesco’s fortunes through a £1bn turnaround plan failed.

AvaTrade chief market analyst Naeem Aslam said Tesco had been “extremely slow” to respond to market changes. “Today’s news is another disaster for the company,” he added.

 

top banner

Share it!

Facebook Twitter Google+ LinkedIn Pinterest
Next article BIKE MARKING EVENT
Previous article AYCLIFFE SEASON ENDS IN A DRAW

Related News

Award-winners BTS are net zero heroes Business
May 21st, 2025

Award-winners BTS are net zero heroes

PCP chief proud to get award recognition Business
May 20th, 2025

PCP chief proud to get award recognition

Lifetime Achievement Award is ‘crowning’ moment for Brian Business
May 15th, 2025

Lifetime Achievement Award is ‘crowning’ moment for Brian

LATEST VIDEO

This week on A.T

May 21st 6:46 PM
Sport

Aycliffe Juniors round-up

May 21st 1:52 PM
Business

Award-winners BTS are net zero heroes

May 21st 11:37 AM
News

Durham County Council appoints new leader

May 20th 8:03 PM
Business

PCP chief proud to get award recognition

May 20th 5:01 PM
Sport

Aycliffe Cricket round-up

May 15th 11:39 AM
Business

Lifetime Achievement Award is ‘crowning’ moment for Brian

May 12th 11:50 AM
Business

Husqvarna UK a cut above the rest with Company of the Year award

May 12th 8:42 AM
Business

300 guests celebrate Aycliffe Make Your Mark Awards

May 2nd 9:28 PM
News

Farage tells council diversity and climate staff to ‘find alternative careers’ after County Durham majority

May 2nd 6:44 PM
News

Four new councillors as Reform UK sweeps into Aycliffe power

Recommend
Follow @AycliffeToday
  • Home
  • History
  • News
  • Business
  • Sport
  • Features
  • Community
  • Video
  • Contact
  • Advertise
  • Back to top
© Aycliffe Today 2019. All rights reserved.
Developed by Thrive

Get our latest news direct to your inbox every Friday - subscribe to our free e-newsletter today.

Subscribe Now