|one of the few positive areas!|
A couple of weeks later and news that Tesco had suspended four executives, including its UK managing director, after the supermarket overstated its half-year profit guidance by £250m. It launched an investigation headed by Deloitte.
During this turmoil, the share price has taken a pummelling, falling over 40% from £3.34 at the start of the year to well below £2.00 in September.
Today the company has issued its delayed interim results for the 6 months to end August 2014 (link via Investegate).
- UK like-for-like sales down (4.6)%, impacted by strong competition across the grocery market, headwinds from price cuts and fewer untargeted promotions
- £0.9bn Group trading profit - year-on-year decline reflects challenges of UK business
- Total UK online sales up 11%; like-for-like sales growth of +0.8% in UK convenience stores
- Interim dividend 1.16p confirmed; full-year capex reduction to £2.1bn
- New Executive team in place and reviewing all strategic options to create greater shareholder value