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Tesco suspends execs as inquiry launched into profit overstatement

DCFC79
DCFC79 Posts: 40,644 Forumite
Part of the Furniture 10,000 Posts Name Dropper
in Debate House Prices & the Economy
Tesco has suspended four executives, including its UK managing director, after the supermarket overstated its half-year profit guidance by £250m.

Story here
«134567

Comments

  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    From the OP's link:
    In its latest statement, Tesco said the profits overstatement was "principally due to the accelerated recognition of commercial income and delayed accrual of costs".

    Very Enron.
  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    Isn't it strange that such a "financial mistake" results in immediate suspensions, an inquiry, and no doubt sackings (eventually).

    Similar financial mis-managements in government however, produce no such results at all, either for politicians or mandarins.

    I agree, though, that someone should be held accountable. It is either (a) an incompetent mistake, or (b) a failed attempt to massage the figures.

    In my business life I saw several such large accounting errors, but 9 times out of 10 they were pure incompetence within big bureaucratic finance departments who (invariably) sucked up more headcount than pure "customer facing" staff.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    In picture[STRIKE]s[/STRIKE]:

    Screen-Shot-2014-09-22-at-08.06.45.png
  • MoneyMate
    MoneyMate Posts: 3,240 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hope the Tesco executives get a good Tesco Boost out of work.
    There are more questions than answers :shhh: :silenced:
    WARNING ! May go silent for unfriendly replies
    Please excuse me Spell it MOST times :o
    :)
    :A UK Resident :A
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    Generali wrote: »
    In picture[STRIKE]s[/STRIKE]:

    Screen-Shot-2014-09-22-at-08.06.45.png
    Bit misleading as it only shows part of the scale.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Bantex wrote: »
    Bit misleading as it only shows part of the scale.

    Only if you can't do maths.
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    Generali wrote: »
    Only if you can't do maths.
    If you can do maths you don't need the picture.
  • worldtraveller
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 22 September 2014 at 11:08AM
    Apparently the Tesco board also has more than it's fair share of ex CFO's. Sounds like there are now a few more ex's!
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Bantex wrote: »
    If you can do maths you don't need the picture.

    A spreadsheet showing the rate of change is not as effective IMHO. Graphs are often used for this sort of thing, in maths as well as finance.

    I suspect you're trying to use this as a stick to beat me with. It really is time you got over the referendum thing. Let it go, let the anger leave. You'll be happier for it.

    stages-of-grief.jpg
  • Bantex_2
    Bantex_2 Posts: 3,317 Forumite
    Generali wrote: »
    A spreadsheet showing the rate of change is not as effective IMHO. Graphs are often used for this sort of thing, in maths as well as finance.

    I suspect you're trying to use this as a stick to beat me with. It really is time you got over the referendum thing. Let it go, let the anger leave. You'll be happier for it.

    stages-of-grief.jpg
    Think you are confusing me with someone else.

    Still thing just using part of a graph is misleading, when it makes a 10% change look like a 100% drop at first glance. Sort of equivalent to a sun headline about immigration.
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