Tesco suspends Bosses over £250 million profit error

http://www.telegraph.co.uk/finance/newsbysector/epic/tsco/11217944/Warren-Buffett-loses-678m-on-Tesco-in-just-three-months.html


I'm know Warren Buffet is the World Guru in the stock market and surprised he has lost so much .....still, he is worth Billions so can afford it.

I READ THT IT IS EXPECTED THAT SUPERMARKETS WLL LOSE MONEY FOR THE NEXT TWO YEARS

Badboy wrote:I READ THT IT IS EXPECTED THAT SUPERMARKETS WLL LOSE MONEY FOR THE NEXT TWO YEARS

I wouldn't be surprised Bdboy. What's worrying though is that except for Aldi and Lidl are going to downsize and there will be big Staff redundancies , just when the economy was doing O.K.

SAINSBURY GONE INTO RED,I THINK?

Badboy wrote: SAINSBURY GONE INTO RED,I THINK?

Yes Badboy, most of the U.K. Supermarkets have , except for Aldi and Lidl, even Asda is accusing Tesco of misleading reductions which we know already. for Asda to complain suggests they too are feeling the pinch.

ASDA'S GROWTH WAS ONLY 1% PLUS OR MINUS.

WAITROSE'S BOSS HAS SAID GROCERY SECTOR IS FACING BIG PROBLEMS OVER THE NEXT FEW YEARS.
SAYS SUPERMARKETS MAY HAVE TO DIVERSIFY INTO FASHION.

GOLDMAN SACHS ARE SAYING IN 5 SUPERMARKETS ARE GOING TO CLOSE.

MORE BAD NEWS FOR SUPERMARKETS,PEOPLE SPENDING ON GROCERIES ETC HAS DECLINED BY ABOUT 2%.
WITH PRICE CUTS AND THE ABOVE,SUPERMARKETS FACE DOUBLE WHAMMY AND DECLINING  PROFITS.

I READ A REPORT IN GUARDIN SAYING TESCO'S IS THE MOST EXPENSIVE EXCEPT PERHAPS WAITROSE,MORRISONS COMES OUT CHEAPEST.
THINGS CAN ONLY GET WORSE.

TESCO'S SHAREHOLDERS ARE BEING TO SUE OVER POSSIBLE LOSSES OVER THE 260MILLION ERROR.

TESCO'S BANK PAYING OUT OVER ERRORS.

A TAXI DRIVER I SPOKE TO SAID THAT SUPERMARKETS PRODUCTS LACK QUALITY UNLIKE WAITROSE,ALSO SERVICE WAS BAD.
SEPARATLY TESCO'S WERE HAVING PROBLEMS WITH THEIR WEBSITE/CLICK AND COLLECT.

TESCO'S PROFITS REPORTED TO HAVE DROPPED TO 1.4BILLION FROM 1.9BILLION LAST YEAR.
WENT INTO TESCO'S TODAY,STOCK MANAGEMENT MIGHT HELP LOCAL SUPERMARKET,LOW ON SPRING ONIONS AND MILK.

TESCO'S LOOKING FOR SOMEONE TO OVERSEA SALES OF EXCESS PROPERTIES

TESCO' HAS A £300MILLION PENSION FUND HOLE.

TESCO'S HAS SUSPENDED ANOTHER DIRECTOR OVER HOLE,TESCO TO SELL OFF BLINKBOX,CLOSE 43 STORES,SACKING OF PERHAPS 1,000 STAFF ON THE PLATE

TESCO'S IS TO LAUNCH A PRICE CUTTING EXERCISE,MANY PRICES ARE NEAR ALDI'S LEVEL.
TODAY I SPEND LESS AT TESCO'S THAN IF I WENT ELSEWHERE.

TESCO'S ARE TO CUT NUMBER OF PRODUCTS IN STORE FROM 70,000 TO 50,000,METHINKS.

TESCO TAKING ANOTHER CHARGE ON THEIR BUILINGS,WILL ANYTHING BE LEFT AFTER THIS.

PROFITS AT TESCO'S HAVE FALLEN AGAIN.

PROFITS HAVE FALLEN TO A 607MILLION PRE TAX LOSS.
LIKE FOR LIKE SALES ARE DOWN.

Badboy wrote:PROFITS HAVE FALLEN TO A 607MILLION PRE TAX LOSS.
LIKE FOR LIKE SALES ARE DOWN.

That doesn't surprise me. Tesco does "Brand Match," on prices of branded goods in other stores, but their own brands are more expensive. Their organic milk is a lot more expensive than Sainsbury's or Asda.

THERE WAS AN ARTICLE,DIDN'T READ IT ,SAID SAINSBURY'S WAS THE CHEAPEST SUPERMARKET,SURPRISE! SURPRISE!
USED TO BE MORE EXPENSIVE THAN TESCO'S.
ONE DOES WONDER IF IT WILL BE TESCO'S THAT GOES BANKRUPT OUT OF BIG 4 SUPERMARKET.
ALL SUPERMARKETS EITHER LOSING MARKET SHORE AND/OR PROFITS.

Badboy wrote:THERE WAS AN ARTICLE,DIDN'T READ IT ,SAID SAINSBURY'S WAS THE CHEAPEST SUPERMARKET,SURPRISE! SURPRISE!
USED TO BE MORE EXPENSIVE THAN TESCO'S.
ONE DOES WONDER IF IT WILL BE TESCO'S THAT GOES BANKRUPT OUT OF BIG 4 SUPERMARKET.
ALL SUPERMARKETS EITHER LOSING MARKET SHORE AND/OR PROFITS.

Sainsbury's did used to be more expensive and there was definite snob value in shopping there. I shop regularly at Sainsbury's now because it does tend to be cheaper than Tesco for own branded goods and for branded goods. I've also got an Aldi round the corner. Tonight while I was watering 10 large pots of summer plants and two hanging baskets, I reminded myself that I had bought all of the plants for those containers at Aldi for a total of around £30.