Tesco expected to reveal worst results in its history

The grocer is predicted to unveil a loss of up to £5bn in its full year results this Wednesday.
Author:
Publish date:
Social count:
0
tesco.jpg

Tesco is expected to reveal its worst results in history with full-year results unveiling a loss of £5bn on Wednesday.

It is predicted that the grocer will report a pre-tax loss of between £4bn and £5bn as it is hit by a potential £3bn writedown in the value of its stores.

The prediction has been made by The City.

Tesco house broker Deutsche Bank also estimates new boss Dave Lewis will have to commit a further £250 million a year to plug a pension scheme ‘black hole.’

The grocer’s interim results in October revealed its pension deficit had surged to £3.4bn after tax and City estimates believe full-year results will show the deficit has now grown to £5bn.

Related

Featured Jobs

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.

Liberty

UK Sales Agents

Liberty House Toys have been appointed as the exclusive UK distributor for the BiOBUDDi brand, and we are pleased to introduce this new unique, innovative and exciting range of 100% environmentally-friendly toy building blocks. We are seeking experienced sales agents with existing network in the toy retail market.

Gameplan Job Logo 620 x 349

Head of Product Development & Marketing

Our client is a privately owned French toy and games manufacturer which sells through distributors in forty countries. The company develops and sells innovative electronic interactive toys and games for the educational and gaming markets, and also takes suitable licenses. To progress its successful business development a Head of Product Development & Marketing is to to recruited.

HIT Entertainment Job Logo 620 x 349

Licensing Systems Administrator

The Contract System Coordinator is a newly created role to support the deal term entry process into Mattel’s new Contract Management System for its Licensing business. The role will support the Business Teams at the Deal & Amendment phase of the contracting process and act in conjunction with the System Administration team.