Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 23 October 2014 [View all]xchrom
(108,903 posts)2. The World's Second Biggest Retailer Is Getting Hammered As Profits Collapse 90%
http://www.businessinsider.com/tesco-results-profit-collapse-2014-10
Tesco's results are out today for the first half of the year , and a breakdown of the results shows just how badly they're being hammered. Shares are down more than 5% just as the London Stock Exchange opens Thursday, adding to the last month's brutal sell-off.
Like for like sales are down 4.6%, trading profit is down 41% to £937 million, and revenue is down 4.5%.
Statutory profit before tax is down 91.9% to just £112 million for a business with revenue 300 times that. Dividends per share have collapsed to just 1.16 pence, a 75% decline.
Tesco's embarrassing profit over-estimation has been revised up to £263 million. That's £118 million in the first half of this year, £70 million for 2013-14 and £75 million for previous years
Earnings per share are through the floor. For continuing and discontinued operations, they're down from 10.17 pence to just 0.07 pence, a 99.3% decline.
Chairman Sir Richard Broadbent is standing down. Here's his statement:
"Once this transition is complete and business plans are in place, it will mark the beginning of a new phase for the company and I will begin now to prepare the ground to ensure an orderly process for my own succession at that time. My decision reflects the important principle of accountability on behalf of the Board and will support the company to draw a line under the past as it enters the next phase of its development."
Read more: http://www.businessinsider.com/tesco-results-profit-collapse-2014-10#ixzz3Gxg8aPdp
Tesco's results are out today for the first half of the year , and a breakdown of the results shows just how badly they're being hammered. Shares are down more than 5% just as the London Stock Exchange opens Thursday, adding to the last month's brutal sell-off.
Like for like sales are down 4.6%, trading profit is down 41% to £937 million, and revenue is down 4.5%.
Statutory profit before tax is down 91.9% to just £112 million for a business with revenue 300 times that. Dividends per share have collapsed to just 1.16 pence, a 75% decline.
Tesco's embarrassing profit over-estimation has been revised up to £263 million. That's £118 million in the first half of this year, £70 million for 2013-14 and £75 million for previous years
Earnings per share are through the floor. For continuing and discontinued operations, they're down from 10.17 pence to just 0.07 pence, a 99.3% decline.
Chairman Sir Richard Broadbent is standing down. Here's his statement:
"Once this transition is complete and business plans are in place, it will mark the beginning of a new phase for the company and I will begin now to prepare the ground to ensure an orderly process for my own succession at that time. My decision reflects the important principle of accountability on behalf of the Board and will support the company to draw a line under the past as it enters the next phase of its development."
Read more: http://www.businessinsider.com/tesco-results-profit-collapse-2014-10#ixzz3Gxg8aPdp
Edit history
Please sign in to view edit histories.
32 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
The UK Independence Party Looks Set To Hand David Cameron Another Embarrassing Defeat
xchrom
Oct 2014
#8
ETA News Release: Unemployment Insurance Weekly Claims Report (10/23/2014)
mahatmakanejeeves
Oct 2014
#29