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Tesco CEO Issues Profit Warning; Cites Impact Of Turnaround Costs On Ability To Meet Earnings Expectations

April 13, 2016: 12:00 AM EST
Shares of retailer Tesco PLC’s stock fell 7.6 percent, their sharpest decline since 2014, following CEO David Lewis’ warning that his turnaround efforts will adversely affect profit growth in 2016. Tesco lost £1.2 billion in market value, after Lewis said profit growth “won’t be smooth,” due to the turnaround, which involves cutting of prices across fresh food. Lewis is in his second year as CEO, leading efforts to revive Tesco’s sales and revenue performance and improve its ability to compete with discounters Aldi and Lidl.
Sam Chambers, "Tesco Shares Tumble as CEO Lewis Cools Earnings Expectations", Bloomberg, April 13, 2016, © Bloomberg L.P.
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