Crisis-hit Tesco cuts dividend 75%
The trading crisis at Tesco deepened today as it revealed another profits warning and slashed its dividend to shareholders by 75%.
The supermarket giant said its new chief executive Dave Lewis will now start work a month earlier than planned on Monday in order to commence a review of “every aspect” of the group’s operations.
Tesco said market conditions remained challenging as it cut its forecast for 2014/15 trading profits to between £2.4bn (€3.02bn) and £2.5bn (€3.15bn), well below City forecasts and down on the £3.3bn (€4.16bn) reported the previous year.
