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Tesco issues fresh profit warning
29 Aug 2014 08:08
Troubled British supermarket giant Tesco has issued another profits warning and slashed its shareholder dividend by 75%, blaming challenging trade and the high cost of investment.
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The company added that new chief executive Dave Lewis will start on 1 September - one month earlier than planned - in order to carry out a review of "every aspect" of the business.
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Trading profit was forecast to be in the range of £2.4bn-2.5bn in the current 2014/2015 financial year, Tesco said in a trading update.
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That was well below market expectations and down on the £3.3bn reported in the previous year.
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The group also slashed its interim shareholder dividend by a hefty 75% to 1.16 pence per share.
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