25 September 2017   |  Last Updated 19-12-2014 11:40

      Wednesday 10, December 2014

      Tesco greedy with profits according to chief


      SUPERMARKET giant Tesco revealed that the company is facing a 14-year low in shares as profits plummeted by £500 million.

      Having taken charge as Chief Executive Officer just over three months ago, Dave Lewis aims to get the loss of money back by looking into certain areas which contributed to the financial downfall.

       

      It is understood that financial dealings with suppliers and the drafting in of extra workers have hindered the profits, something which Mr Lewis aims to change: “Tesco is focused, and will continue to focus, on doing the right thing for customers.

      “This means running our business in a way that everything we do creates sustainable value. 

      “Whilst the steps we are taking to achieve this are impacting short-term profitability, they are essential to restoring the health of our business. 

      “We will not engage in short term actions that compromise in any way our offer for customers.”

      In addition to this, Mr Lewis publicised that the company let its shoppers down in the pursuit of more profits.

      Following the claim, shoppers from the Tesco Extra store at Salford Quays voiced their opinion on the supermarket’s price culture.

      “I think it depends on what range of food you are buying,” said Salford resident Ms Holmes, “I have noticed that they are a little more expensive, but this is really good for when you have forgotten things.”

      Despite having their stores in prime locations, Mr Balmaves from Manchester believes that they need to move with the times to prevent them from falling behind other chains.

      “I think they have been a bit slow to react to the market changing, they have got a lot of different retail outlets and there are lots of places where you could get things from cheaper, but I think they are just not changing with the times.”

       

      With Mr Lewis declaring how Tesco are making good progress in developing plans for their long-term future, it is expected that further information will become available in 2015.

      By Steven Peach

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