Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
LONDON (AP) — Tesco shares have dropped sharply after Britain's largest retailer by revenue issued another profit warning and slashed its dividend to shareholders by 75 percent.
The supermarket giant says market conditions remained challenging, cutting its forecast for 2014-2015 trading profits to between 2.4 billion pounds ($3.9 billion) and 2.5 billion pounds. Forecasts had been for 3.3 billion pounds.
Tesco says Dave Lewis, most recently an executive at Unilever, would start his job as CEO on Monday, a month earlier than planned. The company says he will review "all aspects of the group in order to improve its competitive position."
He replaces Philip Clarke, who struggled amid intense competition from retailers catering to customers hit by tough economic times.
Shares were down 4.7 percent to 234.85 pence Friday.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
