Tesco Has An Accounting Loophole And Is Expected To Cut Its Performance Expectations Again This Year.

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Beijing time on September 22nd evening news, Britain's largest retailer Tesco company recently said it again lowered the company's profit expectations in the first half of this year, the reduction of 250 million pounds (about 208 million 500 thousand U.S. dollars).

The Tesco's announcement of a cut in earnings forecasts is the third time that the company has issued similar earnings warnings this year, after Tesco said it had found errors in its accounting work, making Tesco's reputation in the UK business sector significantly affected.

The company said Tesco's earnings warning in August 29th was 23% higher than the actual level in the first half of this year, and Tesco found the error in preparing for the upcoming interim financial data, so the publication time of the data was postponed from the original local time to October 1st October 23rd.

On August 29th, Tesco said that Tesco's trade profit in the UK market reached 1 billion 100 million pounds after the deadline of six months in August 23rd.

Tesco said in its statement: "Tesco has found that the problem has been exaggerated in the first half of this year, and the main reason for this problem is that Tesco found that there was an unusual change in the amount of business advertising revenue and the natural growth of operating costs."

Tesco said it had asked DDT accounting firm to conduct an independent and comprehensive reappraisal of its financial data. Meanwhile, Tesco is also working closely with Freshfields law firm to investigate the above issues.

Freshfields law firm is a legal consultant appointed by Tesco.

Some analysis

It is pointed out that the temporary financial data originally planned by Tesco is the first "pcript" submitted by Dave Lewis, the current chief executive of Tesco, to the market since taking office in September 1st. Therefore, the internal and external sales of Tesco are facing the "false data" incident as if faced with a big enemy.

On the occasion of Tesco September, Lewis said in an interview with reporters: "we have never covered up the problems we face, and we will take corresponding responsibilities for the problems.

The chairman of the board of directors of Tesco and I have quickly organized a comprehensive and independent investigation of false data.

The company currently has a market value of 18 billion 800 million and employs more than 500 thousand employees.

Over the past twenty years, the growth of Tesco's revenue has always been a topic of interest in the British community.