Tesco Cuts Profit Outlook to Continue Grocer’s Troubled Year
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Tesco Plc’s year of misery continued as new Chief Executive Officer Dave Lewis said earnings at the U.K. grocery leader will be about half an August forecast, amplifying a crisis that has weighed on the stock for months.
Full-year trading profit won’t exceed 1.4 billion pounds ($2.2 billion), Britain’s biggest retailer said today, dropping earnings to a level not seen in at least a decade. The shares fell as much as 17 percent to the lowest in almost 15 years.