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£6.4 billion !!
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Epidemic of shoplifting in Liverpool.
Lessons will be learnt. |
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are they the correct figures or have they made them up again ?
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morpeth
One more example of why Betfair should have a 'like' button in here! Good work my friend, rewarded with a  |
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some managers been losing till rolls imposable to be 5 billion tesco not worth that
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Lots of big losses taken on property valuations...and so it begins.
 Huge pension deficit....and so it begins. |
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Yet the shares are only down ca. 0.3%. Why haven't they tanked?
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New managers making billions of writedowns so they can flatter future years figures. The headline figure means nothing at all here.
The really worrying thing for everyone is the pension. How many millions of people in this country have a defined benefit pension that they will never ever collect. Anyone got the latest deficit figures across private companies? Oh and dont forget the good old Public Sector where there will never be enough to pay the accrued liabilities in the medium or long run. |
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Spot on Dotchite.
I was involved in target setting and my boss made sure we included every negative ingredient but wasn't as meticulous with the positives in arriving at our final figures. A 'good' boss always meets target I was told, with the word good stressed and accompanied by a little smile. |
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Shares haven't tanked because as Dot says, most of it's "funny money" ie an accounting write-down.
Also, the market already had expectations of a huge loss and, rightly or wrongly, they believe that the new CE is steadying the ship. |
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Have they said anything about potential dividend cuts?
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I dont know but the share price is actually slightly up this atm.
The ability to pay a dividend is dependent on having sufficient cash and bear in mind, a lower share price can result in a higher dividend yield. |
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Shares affected when news of the false accounting was revealed and again when the profits warning was given.
Given that there's been nothing said about the dividend I'd expect that to be forthcoming. |
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The shares are up 25% this year but down overall by abot 35% over the last two years
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Sounds a bit iffy that 4.7B was property prices being written down ,43 stores which it is about to close ...and sell .
has all their proprty values been written down then ? or just the ones they are about to punt . would need to see the previous and current values but abviously this is not what it appears ,they are closing loss making branches imo ....smoke and mirrors |
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I'm sure Dame Shirley Porter is crying all the way to the bank.
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April 2010 Tesco shares traded at 435.
Today 235. |
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bit worried about my 42p off next shop coupon
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The main reason for Tesco’s loss was a £4.7bn reduction in the value of its property holdings to reflect tough market conditions and declining profits. In total, Tesco took £7bn of one-off charges, more than wiping out a £1.4bn trading profit that was in line with reduced expectations.
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Tesco will show record profits next year and the CEO will receive a record bonus and everyone will be smiling.
I love a story with a happy ending. |
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phew
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I'll hang onto my clubcard then, never know, I might pop into one of their stores one day. I've been radicalised to Lidl.
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New boss comes in...he wants to look good...so he reckons it's...best to start from a poor position...so blame as much as possible on previous management...then...improvements will come...all down to new management = job done.
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close down the high streets ,feed us horse mince ,dodgy accounting and overstating profit ,hole in pension fund ,property price write downs and close stores .
every little helps .... |
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Indeed, bnb. A shopping trip to Tesco would usually result in a bit of a mare.
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Will never go bust.
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pot kettle
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Old trick.
New management team writes down everything, and I mean everything and presto ... new team makes profits, treated as heroes and get performance bonuses. And the numpties in the city always fall for it. |
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they have a market cap of 19B
"propert"y write downs of 4.7B sound excessive .....who swallows this crap ? that will be all costs and more associated with closing 43 stores ,although i stand to be corrected . |
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I think you have to write down the value of stores if their profits are down too.
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it's all about the base
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They still have to find the 5 billion to plug up the pension scheme too
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hope they have learned their lesson and don't needlessly take risks and gamble ...especially on the horses ...
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to lose that much they've been backing your tips MT
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They made a profit on sales, just more corporate account fiddling.
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MOst of their profit andindeed their whole philosophy was to grind suppliers with very underhand tactics - these have been exposed and without the market share not so easy to implement - this is a long term fault line and wont get better for a while. A lot of costs have already been driven out of the business and they are basically holed beneath the waterline.
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I have noticed it all went downhill for Tesco since stemac disappeared.
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It's just accounting, the numbers are meaningless, probably just a way of avoiding Corporation Tax while the Govt subsidises it's low paid workforce through Family Tax Credits and Housing Benefits
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Just a thought and does anybody know ...
But what happened about the horsemeat dcandal - no prosecutions although I seem to recall that a Govt Minister said at the time that criminal charges would follow. Anybody know? |