Tesco CEO: 'Full and frank inquiry' into profit overstatement
Tesco has suspended four executives, including its UK managing director, after the supermarket overstated its half-year profit guidance by £250m.
The amount equates to almost a quarter of its expected profit for the period.
Speaking on Monday, Chief Executive Dave Lewis said the company had launched a "full and frank investigation" headed by Deloitte, and said it is now working to establish the impact of the issue on its full-year results.
He said he would not speculate on the cause of what happened, but said that to describe his feelings as disappointed "would be an understatement".
22 Sep 2014
- From the section Business