Tesco Reports 92% Profit Collapse

The omnishambles of Tesco's profit forecast overstatement has at last claimed the head of the chairman (Sir Richard Broadbent). He will stand down as Tesco today has reported 92% fall in pre-tax profits.

In fact the £250M black hole was £263M!

Sir Richard will stand down once new chief executive Dave Lewis has established his strategy for the company, which is likely to be next year.