–
Tesco, a leading British supermarket chain, with stores in North America and Asia, seems to be suffering from the Plagues of Egypt. The iconic brand, founded way back in 1919 by Jack Cohen, is a British institution, but lately it has been hit hard with a halving of its stock price, serious accounting irregularities and lagging sales. The Daily Telegraph’s John Ficenec does not think it is worth investing in the company as a value play, as it is likely to fall further.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
The accounting overstatement is concerning. In addition, its sales were the worst in the grocery industry. The only way it can hope to compete now is to drastically cut prices, which of course, is terrible for the company. In addition, Tesco continues to lose market share, in which it has always been a leader. Its debt is substantial, and of course this all leads to a downward spiral. In this situation, the company will not be able to sustain its dividend. Tesco has fallen far and fast. We should wish it a refuah shleima (complete recovery).
