Tesco has "begun to resemble a retail chamber of horrors", said the FT's Jonathan Guthrie. The supermarket giant announced a fourth profit warning this week, wiping another 6% off the share price, which is now down 50% since the start of the year.
Profits for the year to February 2015 will not exceed £1.4bn, a reduction of around 30% on the previous estimate and a far cry from the £3.3bn reported last year. This is partly because the group has decided to jettison accounting practices, many relating to deals with suppliers that "artificially" elevated earnings.
What the commentators said
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