Incoming Tesco boss
The retailer announced that the
Tesco now expects to make a trading profit of £2.4bn to £2.5bn for 2014/15, down from the previously forecast £2.8bn. Trading profit for the six months to 23 August is forecast at £1.1bn and the company has cut its interim dividend by 75% to 1.116p a share. Tesco is also ploughing £400m less into the business than planned, estimating capital spending of £2.1bn this year, through savings in IT and the slower rollout of new stores.
Tesco's previous profit warning in July prompted the shock departure of Lewis' predecessor
He added: "The actions announced today regarding capital expenditure and, in particular, dividends have not been taken lightly. They are considered steps which enable us to retain a strong financial position and strategic optionality."
Three years ago, when Clarke took over from Sir
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