Largest UK retailer warns on profits, shares dropAugust 29, 2014 @ 4:00 am
LONDON (AP) -- Tesco shares have dropped sharply after Britain's largest retailer by revenue issued another profit warning and slashed its dividend to shareholders by 75 percent.
The supermarket giant says market conditions remained challenging, cutting its forecast for 2014-2015 trading profits to between 2.4 billion pounds ($3.9 billion) and 2.5 billion pounds. Forecasts had been for 3.3 billion pounds.
Tesco says Dave Lewis, most recently an executive at Unilever, would start his job as CEO on Monday, a month earlier than planned. The company says he will review "all aspects of the group in order to improve its competitive position."
He replaces Philip Clarke, who struggled amid intense competition from retailers catering to customers hit by tough economic times.
Shares were down 4.7 percent to 234.85 pence Friday.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Twelve Seattle police officers will begin using new body-worn cameras next week
Week in Photos
Penguins, cheetahs and Santa make it in this week's photos
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.