The Arrow
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Post by The Arrow on Apr 24, 2015 18:02:28 GMT 7
How long have these been cooking the books? Tesco counts cost of decline with record 6.4 billion pound lossTesco (TSCO.L) revealed the cost of its spectacular decline on Wednesday with an annual loss of 6.4 billion pounds ($9.5 billion), one of the biggest in British corporate history, and warned investors there could be more pain to come.The 96-year-old group, which dominated the British retail landscape for decades, wrote down the value of its business by 7 billion pounds, suffering in an industry price war sparked by the challenge from German discount chains Aldi [ALDIEI.UL] and Lidl [LIDUK.UL]. uk.reuters.com/article/2015/04/22/uk-tesco-results-idUKKBN0ND0FB20150422 |
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SirToad
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Post by SirToad on Apr 24, 2015 18:14:07 GMT 7
They have had to write off property values, but there was all the false accounting last year to
They have probably over invested as well
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The Arrow
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Post by The Arrow on Apr 24, 2015 18:16:12 GMT 7
Inflated property values I reckon were part of a larger accounting fraud.
Watch this space.
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SirToad
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Post by SirToad on Apr 24, 2015 18:17:51 GMT 7
They've been very, very naughty boys
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The Arrow
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Post by The Arrow on Apr 24, 2015 18:19:07 GMT 7
Six private jets was it?
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Morakot
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Post by Morakot on Apr 24, 2015 18:28:57 GMT 7
Inflated property values I reckon were part of a larger accounting fraud. Watch this space. Fraud might be part of it, but it's presumably mostly unsound financial practices that seem emblematic in the modern casino capitalism. Yes clearly not an isolated incident. |
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siampolee
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Post by siampolee on Apr 24, 2015 18:57:35 GMT 7
The whole accounting fiasco is the problem .Noted yesterday though that Tesco are intent on expanding their operation here in Thailand. Truth be known and as already said 'This is one situation that has come to light, no doubt more will follow." Remember though that the Cohen family who established the Tesco Brand are known for their somewhat creative practices in the pursuit of power, position and profits. Shame that a centre for Environmental studies was founded elsewhere on income generated from the U.K yet the U.K citizens and as such loyal customers got nothing in return for their loyalty. en.wikipedia.org/wiki/Homes_for_votes_scandalen.wikipedia.org/wiki/Shirley_Porter |
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Post by Fletchsmile on Apr 24, 2015 20:49:04 GMT 7
Yes some dodgy accounting has taken place. But I wonder now how much the new CEO is pushing it in the other direction and overstating the bad news. The new CEO is having a massive clean-out while things are looking bad and he can still everything blame it on predecessors. Later any good news that comes out he takes credit for (even if belonged to prior periods where profits in other ares might have been understated. Then if he gets it right he has already aired anything remotely bad, so there's only good to come. He'll also be able to draw references to a low share price after his cleanout now compared to rises in the future on good news. Cheers Fletch  |
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The Arrow
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Post by The Arrow on Apr 25, 2015 3:56:44 GMT 7
Inflated property values I reckon were part of a larger accounting fraud. Watch this space. Fraud might be part of it, but it's presumably mostly unsound financial practices that seem emblematic in the modern casino capitalism. Yes clearly not an isolated incident. Yup, definitely with regard to the housing market and likely the commercial market too. If the banks had to mark to true market value based on actual incomes at sensible multipliers and at a normal interest rate . . . they'd be bust. Hence, Help to Sell Buy. Which is the craziest economic policy of all economic policies ever and is designed as a government backed debt trap for the young. www.independent.co.uk/news/uk/home-news/help-to-buy-scheme-is-inflating-house-prices-10124042.htmlWhole system's a sham. |
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naam
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Post by naam on Apr 25, 2015 8:34:51 GMT 7
TESCO manatchment is innotsent! it's ze bad Tchermans Herr Aldi und Herr Lidl vhich finally sucktseeded to invade ze Yewnighted Kingdom kausing ze looseness of munny.
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The Arrow
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Post by The Arrow on Apr 25, 2015 8:41:56 GMT 7
TESCO manatchment is innotsent! it's ze bad Tchermans Herr Aldi und Herr Lidl vhich finally sucktseeded to invade ze Yewnighted Kingdom kausing ze looseness of munny. Aldi is superior for quality and price. Lidl, not so much. |
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Morakot
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Post by Morakot on Apr 25, 2015 12:30:01 GMT 7
Remember though that the Cohen family who established the Tesco Brand are known for their somewhat creative practices in the pursuit of power, position and profits. Shame that a centre for Environmental studies was founded elsewhere on income generated from the U.K yet the U.K citizens and as such loyal customers got nothing in return for their loyalty. en.wikipedia.org/wiki/Homes_for_votes_scandalen.wikipedia.org/wiki/Shirley_PorterA real eye-opener the article on Porter! They founded several research institutes in Israel, after English courts tried to confiscate their UK assets... |
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smokie36
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Post by smokie36 on Apr 25, 2015 12:57:04 GMT 7
I went shopping at a UK Tesco the other week.
I don't have a list....just browse and buy anything that takes my fancy.
Walked out ten minutes later with some tomatoes, a lump of half decent cheese and four rolls.
Their deli counter is pitiful and the salads were going out of date. Nothing about their fresh ready meal area would have tempted me and the meats were poor as was the roast chicken stuff.
Might have spent £50....ended up spending a fiver.
If you plow the lowest common denominator for long enough....eventually the customer will evolve beyond you.
Eye off the ball big style....no sympathy for 'em at all.
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