Tesco has been found to have overstated its profits by £263m, £14m more than first thought, as it revealed today that its post-tax profits are down 92%.
Tesco’s beer, wine and spirits division is unlikely to have contributed to the supermarket’s £250 million accounting “black hole”.
UK retailer Tesco is expected to announce that the £250 million ‘black hole’ in its accounts – that has led to the suspension of BWS director Dan Jago – was overstated by around £25m.
Tesco’s Dan Jago has given the additional responsibility of beer and spirits, broadening his role as the group’s director of wine.
The shortfalls in the 2012 harvest will lead to inevitable prices hikes, especially while global demand continues to rise.
The average price of a bottle of wine in the UK has broken the £5 mark for the first time.
Tesco has restructured its UK commercial food division, which has seen Dan Jago promoted to the new role of UK & group wine director.
We take the temperature of the nation’s wine retail sector, and find five trends making the biggest impact on the industry
Tesco is to start selling Château Lafite and other classed growth Bordeaux as part of a new fine wine offer both in store and online.
Tesco’s category director for beers, wines and spirits, has admitted that the days of wine in the UK for under £5 are coming to an end.
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