Tesco sales fall at fastest rate for 20 years and share value plummets another £650million after claims directors 'cooked the books'
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Tesco sales fall at fastest rate for 20 years and share value plummets another £650million after claims directors 'cooked the books' - The 32-storey is now the at 331 feet. The Motor Insurance Repair Research Centre and are at.
Figures revealed today show total spending by shoppers over the past 12 weeks was down 4. It brings Tesco's share of the UK grocery market down to 28. The abysmal figures, revealed by analysts Kantar Worldpanel, were the latest bad news for Tesco executives, who were today battling another four per cent drop in shares. Confidence in the chain has plummeted following this week's accounting scandal, in which it admitted that executives inflated the company's profit figures by £250million. The debacle has turned the spotlight on the board and its chairman, Richard Broadbent, who stands accused of failing to keep watch on his executives. Sir Richard approved a decision to allow the chief finance officer, Laurie McIlwee, to leave with a £1million golden goodbye without a successor in place. That decision now looks like one hell of a mistake. Analysts said the beleaguered company might even become a takeover target. It is definitely a national interest issue... Aldi recorded a sales increase of 29. Director Edward Garner said the sales figures were the worst Kantar had on record for Tesco - and they were only set to get worse, in light of the scandal. Meanwhile, the arrival of a new finance director, parachuted in early today, did nothing to halt the slide in the retail giant's stock market value, which today dropped by a further £650million. Shares in the Hertfordshire-based chain stood at 195. Shares in the chain have now fallen 40 per cent this year. Alan Stewart began work at Tesco this morning after the chain's new chief executive, Dave Lewis, persuaded his former boss at Marks and Spencer, Marc Bolland, to let him start sooner than the originally-agreed date of 1 December. Mr Stewart will have his work cut out for him - as underlined by shadow business secretary Chuka Umunna today, when he said that the Tesco crisis was a 'national interest issue' that will affect the whole British business community. Mr Umunna said he was 'deeply troubled' by the revelations of an accounting error which inflated the supermarket giant's profits by £250 million. And he said it was important to know whether the incident - which has led to the suspension of four executives while an investigation takes place - was an isolated incident or part of a pattern. Under pressure: Tesco has taken a hit to profits after strong competition from low-cost rivals Aldi and Lidl This morning Mr Umunna told BBC Radio 5 Live: 'I'm deeply troubled by what it transpired has happened. Shares at the firm plunged to an 11-year low yesterday, closing at 202. Meanwhile, it emerged that Tesco would be scrutinised by the Serious Fraud Office and the Financial Conduct Authority. A source at the SFO said: 'We are following developments at Tesco with interest. However, as with all of our cases, we do need reason to suspect serious or complex fraud, bribery or corruption. It was reported today that his predecessor, former Tesco chief financial officer Laurie McIlwee, had not been in the firm's head office in Cheshunt since shortly after he resigned five months ago. The outgoing director was said to have been told by Tesco's former chief executive, Philip Clarke, that he would not need to attend any of the firm's corporate premises during his six-month notice period. The new FD, Alan Stewart, resigned from the department store retailer in July but the terms of departure meant he was not due to start at Tesco until December 1. However, with Tesco in crisis, the two parties have agreed a deal for Mr Stewart to join the supermarket's board early. Meanwhile the supermarket's new chief executive, Dave Lewis, who only started in the job at the beginning of September, said today it was he who uncovered the accounting scandal. And he promised to sort it out. Mr Lewis told Radio 4's Today programme: 'We have a very strong commercial discipline inside this business. I will lead this business to that, and I will deal with this issue as we go on that journey. Rise and Fall: Tesco's half year profits for the last five years, including this autumn's revised prediction Only last month Tesco issued a warning that its profits for the first six months of this year had been a disappointing £1. Yesterday it emerged that even that figure was bogus and had been boosted by alleged accountancy tricks. Finance chiefs had simply brought forward income expected later in the year and had deferred costs. The situation began when a whistleblower tipped off Tesco's legal department last week. The Stock Exchange was informed yesterday morning. The possibility that Tesco, which accounts for £1 in every £8 spent in British shops, has been misrepresenting its accounts sent shockwaves through the City with shares tumbling 12 per cent at one point. The error was brought to the attention of Tesco's general counsel by a whistle-blower on Friday before being passed to new chief executive Dave Lewis. He carried out a preliminary investigation over the weekend, before issuing Tesco's third profits warning in as many months. His four suspended directors are: UK managing director Chris Bush, UK finance director Carl Rogberg, food commercial director John Scouler, and food sourcing director Matt Simister. Questions will also be asked of former chief executive, Philip Clarke, and Laurie McIlwee, the chief financial officer who left last week. Tesco shareholders have suffered terribly in the last 12 months. The shares have now plunged 47 per cent in that time. And in a blow to income investors and pension funds, Tesco announced last month that in order to save money it was cutting its half-year dividend by 75 per cent to 1. The question is whether the second, traditionally larger, final dividend will be cut by the same — or even more? Today, thanks to an accounting blunder, it piled a profit warning on a profit warning that sent shares plunging 12 per cent. But could this be a one-off that means the stock might actually be set to recover and therefore be a good 'buy' right now? Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: 'The new Chief Executive's baptism of fire continues as Tesco adds a profit warning to a profit warning. It's a stock to sell — and I cannot see that changing for a while yet. He said: 'Tesco is no longer a viable investment. The last two years have tested investors' patience but with the dividend being cut back and today's revelation, justification to hold is non-existent. Mr Lewis confirmed that Tesco's multichannel director Robin Terrell had stepped in to run the UK business. He said: 'We have asked four people to step aside so we can be sure we do the fullest and frankest investigation. It has called in accountants Deloitte and legal advisers Freshfields to carry out an investigation. The National Association of Pension Funds is demanding that the inquiry should be subject to scrutiny by the City watchdog, the Financial Conduct Authority. Philip Clarke was forced to step down as chief executive in August after presiding over a slump in sales and market share during just three years at the top of the company. David Fergusson, of Singapore-based Woodside Holdings Investment Management, which has investments in Tesco, called for the payoff to MR McIlwee to be revoked. He said he was 'exasperated' with the company and accused executives of 'crass incompetence'. Experts said over-stating the company's profits by £250million could not be dismissed as an error or an accident. James Bevan, of CCLA Investment Management, said he believed it was a question of 'falsifying accounts'. He added: 'They have decided to account for profits arising in future periods in the current period, and they have deferred costs that otherwise should have been recognised. That is really serious. When you get this sort of statement the whole fabric of trust evaporates. I am not sure Tesco shares have hit the bottom yet and I personally wouldn't touch them. Then Tesco said full-year trading profits could be as low as £2. It also predicted its half-year trading profit would be around £1. This is the figure which has now been slashed by £250million, leaving profits down by around 46 per cent on the £1. February 2011 Sir Terry Leahy steps down as chief executive on his 55th birthday after 14 years in charge, overseeing a leap in pre-tax profits from £750 million in 1997 to £3. His record includes the launch of Tesco. The market share of the group stands at 30. January 2012 Less than a year into Mr Clarke's tenure, Tesco shocks the market with its first profit warning in almost 20 years after poor Christmas trading. Shares plunge by as much as 15 per cent, or more than £4 billion. Aggressive strategy: Tesco ploughed £200million into lower prices in an attempt to counter rivals April 2012 Tesco unveils a £1 billion UK revival plan, which includes upgrading stores, the recruitment of more staff and better prices and value. The initiative follows complaints that its 2,800 stores are cold and industrial with poor levels of service. April 2013 The retailer reports its first fall in annual profits in 19 years, with post-tax profit tumbling almost 96 per cent to £120 million from a year earlier. The figure is hit by a £1. The firm also suffers a £804 million write-down in the UK on land for more than 100 major stores, bought at the height of the property boom, which will no longer be developed. February 2014 The supermarket promises to spend an additional £200 million on lower prices for basic products, such as carrots, tomatoes, onions, peppers and cucumbers. It will also rein in annual capital spending to no more than £2. April 2014 Mr Clarke brushes off speculation about his future despite little sign that his £1 billion plan to turn around the retail juggernaut is bearing fruit. June 2014 Till-roll figures from Kantar Worldpanel show a decline in Tesco's market share to 29% in the 12 weeks to May 25, compared with 30. A day later, the chain reports a 3. It is a performance that Mr Clarke admits is the worst he has seen in four decades at the supermarket chain. At the company's annual meeting, chairman Sir Richard Broadbent asks shareholders to give management more time to complete their turnaround plans. July 2014 Tesco announces that Mr Clarke will step down from the board on October 1 to be replaced by Unilever executive Dave Lewis. Sales and trading profit in the first half of the year are 'somewhat below' expectations, the company adds. August 2014 Tesco issues profit warning to tell the markets that it expects its first-half profits will be £400million less than expected. It slashes dividend payments by 75 per cent and £1billion is wiped off the company's market value. The change at the top of the supermarket is brought forward by a month in order to allow Mr Lewis to commence a review of 'every aspect' of the group's operations. September 2014 Company launches an investigation after admitting that its previously warned of fall in takings actually over-estimated profits by as much as £250million. The error relates to timing issues on when Tesco's UK business reports the income it receives from suppliers. The original announcement helped to wipe more than £1billion from the value of Tesco's shares after it announced it would slash dividend payments to investors by 75 per cent. Shore Capital Stockbrokers analyst Clive Black said: 'These are serious times for Tesco and its shareholders. We are flabbergasted by this development. Mr Lewis, a former Unilever executive who started in his Tesco role on September 1, said: 'We have uncovered a serious issue and have responded accordingly. Neil Saunders, managing director of retail consultancy Conlumino, said: 'Mistakes do happen, but this gives the impression of a company that is not in full control of its internal procedures. It is just not what you expect from a company as large as Tesco. Taking the helm: Tesco's multichannel director Robin Terrell has stepped in to run the chain's UK business 'More significantly, it means that performance - which is already extremely weak - is actually much weaker than anticipated. This is something that will alarm investors and means that Tesco has much further to travel to recovery than first thought. The grocery giant also confirmed that a new £22million store in Chatteris, near Ely in Cambridgeshire had been mothballed just weeks before it was due to open. The 47,000 square feet shop in Chatteris, which would have provided 250 jobs, will no longer open in November as planned. At the start of 2012, Mr Lewis's predecessor, Philip Clarke, shocked the market with the group's first profits warning in 20 years after poor Christmas trading. It later announced a £1billion revival plan, which would include store upgrades, more staff and better prices. But profits for the year to February this year were down for the second year in succession. Mr Lewis took over from Philip Clarke, whose departure from the retailer he joined 40 years ago was brought forward after the profits warning at the end of August. In the August profit warning, Tesco then announced it would reduce capital expenditure, possibly hitting its ability to rapidly adapt to changing market conditions. It said for the current financial year capital expenditure would now be no more than £2. Although the string of disappointing results led to Mr Clarke's defenestration, a number of Tesco shareholders have suggested the blame for many problems could be laid at the door of his predecessor, Sir Terry Leahy. He decided to open stores in the USA which failed with an estimated bill of £2billion. He also sanctioned the creation of a vast and expensive land bank, which is now something of a millstone. The retailer paid top price for the land as part of a massive empire building exercise that was designed to see a vast network of 'big box' supermarkets in every town. However, the retail Goliath has found people do not like using the supersize stores and it has now called a halt to its aggressive expansion plans. As a result, it has been left hundreds of sites that it does not want to build on. Unceremonious departure: Former Tesco chief executive Philip Clarke, who left his post in August It was announced in July that former chief executive Philip Clarke would be standing down from his post after presiding over a slump in sales and market share during just three years at the top of the company. But his departure, planned for October to allow him to help with the transition of his replacement Dave Lewis, was brought forward to August after a profits warning from the supermarket giant. He had taken on the role of chief executive in 2011, replacing Sir Terry Leahy. At the start of 2012, Mr Clarke had shocked the market with the group's first profits warning in 20 years after poor Christmas trading. Tesco later announced a £1billion revival plan, which would include store upgrades, more staff and better prices. But profits for the year to February this year were down for the second year in succession. In April, Mr Clarke brushed off speculation about his future, saying he was 'not going anywhere'. But just three months later it was announced he would be stepping down from the board, with Tesco saying trading had been 'more challenging' than anticipated, and sales for the first half of the year were 'somewhat below expectations'. A trading update in June had showed a 3. In the statement announcing he was to leave the chain, he said: 'Having taken the business through the huge challenges of the last few years, I think this is the right moment to hand over responsibility. However, the supermarket's chairman Sir Richard Broadbent later insisted that Mr Clarke would get his contractual terms and 'not a penny more'. Mr Clarke is believed to have received £1. Speaking of Mr Clarke's departure, Sir Richard said: 'Philip has made some big calls in the past four years. He saw the business needed to be repositioned. The property-based strategy of the previous 20 years was being overtaken by the changes in the market. Tesco's finance chief quit the supermarket giant with a £1million payoff a week before the accounting scandal that came to light yesterday. Laurie McIlwee, 52, is one of a number of senior executives facing serious questions about what they knew of how the company came to over-state its profits by £250million. He resigned from his £886,000-a-year chief financial officer position in April after reportedly clashing with then-chief executive Philip Clarke amid falling profits. But he arranged to stay for another six months on full salary, also negotiating a potential bonus of up to £886,000 plus a 'golden goodbye' of £970,800 when he finally stepped down. Mr McIlwee left Tesco just over a week ago, days before the discovery of the massive accounting problem dating from his time in charge of financial matters. This has left the supermarket giant with no finance director until his replacement Alan Stewart joins from Marks and Spencer in December. Mr McIlwee left his post as chief financial officer last week. His mansion above is worth more than £4million Company accounts show Mr McIlwee earned £1. He received £33,000 in car benefits and £31,000 for a driver, with an extra £29,000 on security for his home, amid fears Tesco bosses could be targeted by disgruntled customers. Mr McIlwee joined Tesco in 2000 from PepsiCo, although some doubted his credentials because he had no background in running supermarkets. He was promoted to the board in 2009 and, that year paid £2,750,000 for a huge nine-bedroom gated home in the heart of a stunning 5,000-acre National Trust estate in Hertfordshire. The Staffordshire-born executive lives in the house, now worth £4. The family home had an impressive convoy of cars outside yesterday, including a Range Rover and a BMW. A woman at the property said Mr McIlwee was not available for comment. These are the other Tesco executives whose roles will be investigated in the coming weeks. MD WHO HOSTS COME DINE WITH ME PARTIES Since being appointed Tesco managing director last year, Chris Bush has split his time between a huge country estate in Hertfordshire and a second home in the south of France. While in the UK, the 48-year-old executive watches his daughter ride her pet horse and has been spotted winning big at equestrian races. When abroad, he is seen in photographs posing offshore in his sunglasses in front of a seaplane. Mr Bush, who is believed to be on a large six-figure salary, lives with his partner Tracy Johns, 51, and their daughter Emily, 16, in a huge £2. Managing director Chris Bush with his partner Tracy Johns above , who own a £2. Mr Bush regularly uses the house to entertain, hosting 'Come Dine With Me'-themed parties with friends, which he has boasted of winning. The Tesco boss, who grew up in Whitchurch, Buckinghamshire, also says he enjoys travel and has spent much of his 34-year career at the supermarket giant working abroad. After joining the retailer in 1982, Mr Bush became a UK store director and then operations director just over a decade ago. In 2004, he moved to Seoul, South Korea as operations director before transferring to Kuala Lumpur, Malaysia in 2006 to become chief executive for the region. Four years later, he was made chief executive for Thailand before being brought back to the UK as managing director in January 2013. His family's pictures on social media sites show them on beaches across the world. Mr Bush has previously said that being appointed Tesco MD was 'a great honour and a privilege'. He has been suspended and did not respond to requests for comment. John Scouler is the commercial director of food John Scouler, who is also suspended, is a keen sports fan who spends his time away from work playing golf at top courses and posing with celebrities at football matches. The 46-year-old food commercial director lives with his wife Tanya, 44, in a £1. Originally from Glasgow, he joined Tesco in 2002 and quickly moved up the ranks. He relocated to Hungary in 2007 as commercial director before returning to Britain four years ago and being promoted to the UK board a year later. On his return to the UK, Mr Scouler, who is believed to be on a large six-figure salary, paid £1. There was a brand new blue Range Rover Sport HSE, costing more than £60,000. Mr Scouler is also a rugby and football fan and posted a picture of himself on Twitter with Oasis singer Noel Gallagher at a football game in May. He said his favourite product was Tesco Finest Gavi wine. Yesterday, there was no answer at Mr Scouler's home. FINANCE CHIEF WITH BAKERY AT HIS MANSION UK finance director Carl Rogberg, 47, lives with his partner Amanda Welin, 46, in an old farmhouse in Oxfordshire. The property is largely shielded from prying eyes by an eight-foot hedge line. It also boasts a gatehouse and an old bakery, which used to supply a neighbouring manor house. With a neat formal garden to the front and stables at the rear, Mr Rogberg's land also includes a paddock, where his partner's horses could be seen grazing in the afternoon sunshine yesterday. Child-sized football goals were laid out on a grassy patch beside the property's electric gates. Mr Rogberg, who is Swedish born, said he had been suspended indefinitely on Sunday, but said he was unable to talk in any detail about the investigation now taking place. Dressed casually in jeans and a grey sweatshirt and with two Pug dogs milling around his feet, the executive told the Daily Mail: 'I'm fully supportive of the investigation — it is what it is. We will just have to let it all take its natural course. Matt Simister, Tesco's food sourcing director Another suspended director, Matt Simister, was previously best known for accusing Tesco customers of being a major cause of food waste. Appearing at a House of Lords inquiry into the issue last December, he said Britons 'always pick the cream of the crop' — forcing the company to dump thousands of tons of misshapen or unsightly produce. The 41-year-old, who was educated at Sir William Borlase's Grammar School in Marlow, Buckinghamshire, before gaining a 2. Three years later he was promoted to group food commercial director and chief executive of Tesco Food Sourcing Ltd with a brief to expand the firm's direct global sourcing from fresh produce to other commodities. The plan was intended to boost profits by cutting out middlemen and passing on savings to customers — although it has failed to stop Tesco's share price falling as shoppers desert its stores in favour of budget chains. He celebrated becoming a senior executive by moving with his 47-year-old wife Karen into a sprawling £1. Former chief executive Mr Clarke was not involved in preparing the artificially inflated accounts, but will face questions about what he knew and the management culture he fostered at the supermarket giant. He was ousted in a boardroom coup in July, although he left with an estimated £20million payoff consisting of cash, shares and pension. The 54-year-old father of two remains on the payroll until January. Did the plunging share price send them into a panic? Tesco's slide from global grocery champion to chain store chump has been so rapid it takes the breath away. It was perhaps understandable that it would go through a difficult transition after the brilliant Terry Leahy departed in 2011. A more pedestrian chief executive, Phil Clarke, was fired in July after three miserable years in the job. But the problems the company revealed yesterday are of an entirely different order. It's deeply shocking to discover that Britain's largest retailer has been rigging its profit figures to make them look better. In the context of Tesco — whose profits, before tax, last year totalled £2. The company still dominates British grocery, with 28. But we must remember that the missing quarter of a billion is more than many high street retail chains earn in a full year. And Tesco is a relatively uncomplicated enterprise — one that is able to add up the cash passing through its tills every day. It seems astonishing that the leading accountancy firm PwC, which has audited Tesco's accounts for more than three decades, could have allowed an error on this scale to happen on its watch. Indeed, the choice of a top 'magic circle' law firm Freshfields, along with new accountants Deloitte, to conduct a probe into the affair suggests that it goes deeper than a simple accounting mistake. So what on earth has gone on? It was amid a slumping share price — and management chaos — that Tesco's latest chief executive Dave Lewis arrived at the company from consumer goods giant Unilever on September 1. He discovered that the previous team, reporting to the office of Ferrari-driving Phil Clarke, was under enormous pressure from investors to buff up the company's performance — and preserve their jobs and bonuses. To this end, they allegedly manipulated the published figures by counting profits before they had been rung up at the tills. At the same time, they allegedly under-reported the costs of goods from suppliers. This is the kind of shoddy practice one might expect from struggling businesses way down the corporate pecking order. That it should come at one of Britain's most respected FTSE 100 companies is astounding. Already, four top-level executives — including UK managing director Chris Bush — have been suspended. And before you think this is merely a problem for a very large and rich company, consider that everyone in the country with a company pension fund, or an insurance policy, or a share ISA, is a loser because some of their money will automatically be invested in Tesco. The group's shares are now down 40 per cent this year, with £2billion wiped off in latest trading. Tesco has long represented a mass of contradictions. It has been a smart innovator, moving back into small neighbourhood stores before its competitors, exploiting online shopping, and moving into new areas such as banking, and even upmarket coffee shops. Tesco said today that the overstatement of its half-year profits by £250million was 'principally due to the accelerated recognition of commercial income and delayed accrual of costs'. This could mean that the reporting of any costs Tesco incurred during the first half of the financial year was been pushed back into the second half, and profits from the second put forward. In regard to supermarkets, commercial income can be the revenue the chain receives from the companies which supply its products, who compete for the prime spots on the supermarket's shelves. Some of these firms will pay Tesco a listing fee in order for their products to be stocked in stores. They will also shell out in order to bag a prime shelf location or for any promotions or product discounts involving their goods, which often lead to increased sales for the supplier. The supplier may offer a discount on items sold through the supermarket, and although some brands may give an incentive or payment, known as a rebate, to the store upfront, others would only do so if it reaches a sales target. Halfway through the financial year, supermarkets must predict how much they expect rebates will be worth over the course of the year, but this estimation requires some guess work by managers over money yet to be received. Warwick Business School's Crawford Spence said the revelation should be interpreted as a 'sign of distress'. What Tesco appear to have done is push the boat out a bit too far, ending up with revenue that hadn't really been earned yet and costs that probably should have been booked earlier. It's also hated by the green lobby for 'concreting' over swathes of Britain, and accused of hoarding valuable land and property suitable for housing. The first indications of fundamental problems came in January 2012. Mr Clarke, less than a year into the role of chief executive, warned profits would fail to meet expectations for the first time in 19 years. In April of the same year he announced a £1billion revival plan directed at improving the stores that were described by some consumers as cold, industrial and unappealing in appearance, and offering poor customer service. But Tesco was also a victim of cultural change sweeping through high streets, shopping centres and malls. At the same time, the company's huge investment in out-of-town Tesco Extra superstores was undermined by the digital revolution which ushered in Amazon and price comparison websites. Tesco also found itself in retreat in America, China and Eastern Europe. These were challenges enough without a £250million gap in profits, which will mean many people will find it hard to trust the group for some time. By holding its own inquiry, the Tesco board — headed by former HMRC chief Richard Broadbent — will hope to keep official investigators at bay and deal with any issues internally. That may be very difficult given the importance of the company and the threat to the reputation of British business. And, while the public will continue to shop in its stores, long-suffering suppliers, investors and regulators may be much less forgiving. Tesco has mothballed a new £22 MILLION store just weeks before it was due to open. The 47,000 square feet shop in Chatteris, near Ely in Cambridgeshire, was due to open in November with the prospect of 250 jobs, but will instead be boarded up. Florrie Newell, a town councillor and former Mayor of Chatteris, was told in a letter from Tesco corporate affairs manager, Bryn Woodward, that the store would not be opening on schedule. He wrote: 'After careful consideration we have decided to delay the opening of our new store in town. The moth-balled Tesco store in Chatteris, near Ely in Cambridgeshire, which won't be opening in November 'This means that when the developer completes the shell of the building we will retain the current hoardings protecting the site. The outside is finished, there is just the inside to do,' said Councillor Newell. I'm absolutely livid, it's not acceptable to treat people like this.
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