If you witnessed the meteoric rise of British grocery giant, Tesco, through the nineties and noughties, you would be forgiven for thinking that only a global disaster of outlandish proportions could halt this retailing leviathan’s triumphal march.
Today, Tesco announced that the black hole in its first half profits is not only bigger than anyone thought (£263m) but some of it also stretches back a good deal further than anyone imagined – certainly beyond the current accounting period. The Deloitte report will now be passed to the Financial Conduct Authority for further investigation into how this monumental blunder happened in the first place. It is a savage blow for a company already embattled by tough market conditions that have led to falling sales and sharply reduced trading margins. Continue reading