An oversight in reporting a number, a little confusion on the multiplication tables, a faulty calculator. The reason is difficult to establish, the fact that they have miscalculated. And by a lot. Tesco, the British supermarket giant, has realized that it has made a sensational error in its forecasts on half-yearly profits, overestimating them by as much as 250 million pounds, equal to 315 million euros.
The news follows a series of profit warnings, the last of which arrived in August, and naturally immediately triggered the sell-off on the London Stock Exchange, where Tesco shares lost more than 10 percentage points in the morning.
“We operate with integrity and transparency – assured David Lewis, CEO in office since XNUMX September -. The results of the investigation will be announced soon."
On 23 August, Tesco announced a 75% reduction in its first-half dividend. The group, which ranks third worldwide in distribution behind the US Wal-Mart and the French Carrefour, had also announced that its operating profit for the year would drop to 2,4-2,5 billion pounds (3-3,15 2,7 billion euro), below analysts' expectations (£2,8-XNUMX billion).
The estimation error delayed the publication of the half-yearly report, expected for next week, by three weeks and the board of directors instructed Deloitte "to carry out an independent and comprehensive review" with the support of Tesco's legal advisers.
