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 has suspended three executives – including its director for beer, wine and spirits – as part of an investigation into a £250 million profit overestimation.
UK supermarket Tesco has doubled its Argentine wine range and next month will launch its most expensive own-label wine ever.
Supermarket giant Tesco, one of the biggest wine retailers in the world, has suspended four executives over a £250million overestimation of profits.
Tesco is offering discounts up to 64% on a wide range of lines from Austrian Riesling to 20 year-old Madeira as part of a wine warehouse clear-out.
A Tesco store in Reading, England, emptied aisles it previously reserved for fruit and vegetables — to make room for piles of beer and spirits.
Tesco has announced plans to host a wine tasting with the aim of creating more customer friendly and cutting edge wine descriptors.
A growing preference for “pricier, artisan” ciders is turning Britain into a nation of “cider snobs”, according the category’s trade body.
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