Tesco news

09 December 2014
Tesco is to focus on building ‘stronger long-term partnerships’ with suppliers as it works to turnaround performance. Profits won’t exceed £1.4bn Tesco’s latest trading update has revealed that group trading profit for the financial year that ends in February 2015 will not exceed £1.4bn, significantly lower than was originally forecast. Tesco has taken a number of steps to sure up top line ...
13 November 2014
Increasing supply chain collaboration is vital for the grocery industry as retailers and manufacturers try to combat current trading conditions. This message was reiterated throughout the IGD Supply Chain Summit that took place on Wednesday 12 November in London. Tesco: New approach to collaboration Tesco revealed it will be taking a new approach to its collaborative partnerships as it f...
23 October 2014
Tesco has released its first half trading results, revealing profit fell 41% compared to last year. It has also been announced that the current Chairman, Sir Richard Broadbent, will step down following the investigation into Tesco's overstated profits in the first half of 2014. New Chief Executive, Dave Lewis has outlined three key priorities to take the business forward and is determined to ...
15 October 2014
Tesco Lotus has revealed it will be supporting small farmers in Thailand by launching a new direct sourcing programme, according to press reports. Fresh from farms Tesco Lotus has launched a new direct sourcing programme in response to the growing trend of buying vegetables fresh from farms. The aims of the programme are to lift standards of agricultural practice and provide greater security ...
24 September 2014
Tesco has identified a £250m overstatement in its half year profit forecast and will conduct a comprehensive investigation into the cause. Cause of overstatement lies with UK food business Tesco has delayed its interim results until 23 October, after finding a significant overstatement in the accounts. Tesco said that the guidance given for its half year Group profits in August were oversta...
01 September 2014
Tesco’s new CEO Dave Lewis will now join the retailer today (1st September), a month earlier than originally planned. Plus, Tesco has cut its profit forecast for its 2014/15 financial year, with profits now expected to be in the range of £2.4bn to £2.5bn, down from £2.8bn previously. Profit forecasts and capital expenditure cut As well as cutting its profit forecast, Tesco will also rei...
21 August 2014
Tesco has appointed Allan Lyall as its new customer fulfilment director, according to Retail Week. He joins from Amazon where he was vice president of European operations. Adding online experience Lyall will join the multichannel team and report into group multichannel director Robin Terrell. Lyall will be responsible for dotcom centres, click & collect and home delivery. He will also work ...
21 July 2014
Tesco has announced its Chief Executive Officer Philip Clarke is to step down in October. Clarke will be replaced by Dave Lewis from Unilever. 40 years at Tesco Philip Clarke has led Tesco for the last three years but his career with the retailer has spanned four decades and included many senior roles. As CEO, Clarke has worked tirelessly to restore Tesco’s fortunes amid highly challenging tr...
18 June 2014
Tesco has made further changes to its UK operations team, with a stronger focus on regional expertise versus format specific roles. Large store operations to be divided by region Last month, Tony Hoggett was moved from his roles as MD for Tesco Extra to UK operations director, overseeing all of Tesco's UK formats. However, it is now understood his role will be UK retail director, responsibl...
04 June 2014
Tesco has reported 2014/15 Q1 sales, with group performance -0.9% exc. petrol (-3.8% at actual rates) and -3.2% on a like-for-like (LFL) basis. UK challenges persist but new initiatives should help long-term loyalty Sales in Tesco's domestic market continued to experience challenging conditions, with total sales growth of -1.7% and LFL sales growth of -3.8% (exc.VAT, exc. petrol). Tesco's L...