Tescos - Bit Of An Accounting Faux Pas

[Easy 10]

Tesco chairman Sir Richard Broadbent rebuffed criticism that he should have discovered the issue sooner.
"Things are always unnoticed until they have been noticed."

Classic Rumsfeldism.

 

[seagullsovergrimsby]

They might suss out that millions of pounds worth of stock is disappearing out of their stores throughout the UK via the self scan tills , invariably being run by one person overseeing 20 tills who has to buzz around like a blue arsed fly.

 

[nicko31]

There will be many suppliers who will have little sympathy for Tesco's plight, their growth has been on the back of squeezing everyone in the supply chain.

 

[HawkTheSeagull]

They might suss out that millions of pounds worth of stock is disappearing out of their stores throughout the UK via the self scan tills , invariably being run by one person overseeing 20 tills who has to buzz around like a blue arsed fly.

And its my job to deal with the loss - its lower than you think. The new CEO has a reputation for not taking any sh*t, so its unsurprising something big has came up like this. Heads may well roll as well, just in the senior management team though - this isnt serious enough financially to cause store-based staff to lose their jobs, but has of course wiped a lot of value from Tesco shares, which a lot of staff own part of.

The company certainly isnt in severe trouble, and even if it was - other supermarkets would easily help themselves to whats left over.

Being honest - expect this to be the tip of the iceberg, more stuff will come out in the coming months.

 

[Norman Potting]

I was told once that "Profit is only an accountant's opinion, cash is fact".

 

[El Presidente]

Tesco chairman Sir Richard Broadbent rebuffed criticism that he should have discovered the issue sooner.
"Things are always unnoticed until they have been noticed."

Classic Rumsfeldism.

Is he saying it's an unknown unknown?

 

[El Presidente]

Being honest - expect this to be the tip of the iceberg, more stuff will come out in the coming months.

Are you saying there is a LETTUCE related scandal just round the corner?

 

[Leekbrookgull]

What really sums it up is when a major firm i/e Britannia-Co-op announce a £1.5 million black hole !! Don't they have a calulator ?

 

[Padders]

They are all crooks.

 

[Bry Nylon]

Wonder if they've asked Chris Bush if he would like any help with his packing yet?

 

[pauli cee]

I'm sure opening another 15 Tesco Express stores in Worthing will sort things.....

 

[clippedgull]

I'm wondering when to move in and buy shares. I fancy a long term investment.

 

[loco61]

wait a few weeks clippedgull, this dive is a deep one

 

[clippedgull]

wait a few weeks clippedgull, this dive is a deep one

Yes, I may give it a couple of weeks 374 a year ago: 194.50 at close today It's worth sitting on my hands.