14th Apr 2016 11:12
LONDON (Alliance News) - Tesco PLC Thursday said Chairman John Allan increased his shareholding as the supermarket chain returned to profit on Wednesday.
Allan bought 15,000 shares at 188.73 pence per share and 100,000 medium term notes at 90.37p each on Wednesday. His total shareholding was undisclosed.
The UK's biggest retailer has spent the past year trying to pick itself up following a devastating year before which saw it make a huge GBP6.33 billion pretax loss after booking a staggering GBP6.69 billion of impairments, writedowns and restructuring charges after admitting it had overstated profits in recent years by booking revenue too early.
In order to bounce back, Chief Executive Dave Lewis has embarked on a massive restructuring of Tesco since he took the helm from former CEO Philip Clarke in late 2014. This has obviously started to pay off as on Wednesday Tesco revealed a return to profit of GBP162.0 million in the year ended February 27, although the figure was considerably below the analyst consensus estimate of GBP447.0 million.
The stock was up 0.5% at 181.90p Thursday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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