Tesco Chairman to step down

Ranjeev2

Sir Richard Broadbent will leave Tesco following bigger than forecast hole on profits.

First half year profits overestimations now have increased to £263m after last month’s estimates of £250m.

Deloitte are investigating the misreported gains and have found that Tesco have been banking promotions deals early and pushing back the costs and thereby manipulating the profit figures.

Trading performance continue to deteriorate otherwise amid the structural change in UK supermarket space