Tesco Struggles After Profit Warning

Tuesday, September 02, 2014

Shares in supermarket giant Tesco fell on Monday, dragging other supermarket stocks down with them after the retailer issued a profit warning and dividend cut.

The market leader saw its share price slip by 1.7%, down to 226p, during the morning's trading session. This continued a slip from last week, which saw the company's share price fall by 6.6%. Investor confidence was shattered after one of the biggest shareholders accused the company of having an "incoherent strategy".

The US based funds group Harris Associates cut its stake in the UK supermarket by more than 50 percent, from 3% in June to 1.4% by the time of the announcement. Harris Associates Chief Executive, David Herro, explained that the group had lowered their stake because of "unclear management direction",...

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