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NewTesco boss in spotlight as figures revealed [Newcastle Journal (England)](Newcastle Journal (England) Via Acquire Media NewsEdge) NEW Tesco boss Dave Lewis will be under pressure over plunging profits and a Pounds 250m accounting scandal when the company publishes halfyear results today. The interim figures will come days after latest industry data showed Tesco's sales falling at the fastest rate in the sector. Trading profits for the period are expected to be down by nearly half to Pounds 850m. Mr Lewis is likely to face questions on how he plans to reverse the decline of Britain's biggest supermarket, with one analyst urging him to go on the attack with a Pounds 3bn strategy to turn around its fortunes over the next few years. He is also expected to set out preliminary findings of an independent review launched last month - which has seen eight executives suspended - after Tesco admitted its profit expectations for the half-year had been overstated by Pounds 250m. The inquiry by accountants Deloitte and law firm Freshfields has been looking into the way the company treated rebates paid by suppliers and whether they were reported in the right time period. The Financial Conduct Authority is also investigating. Reports suggest the independent probe will highlight inappropriate behaviour by some staff but that it was largely confined to the first half of this financial year. It has been reported that the shortfall is likely to be lower than first expected, at between Pounds 220-Pounds 230m. Today's figures are being published three weeks later than first planned after the discovery of the accounting error, which resulted in the group's third profits warning in as many months. It came just weeks after Mr Lewis took over at the start of September from Philip Clarke, who departed after overseeing the company's worst trading performance in four decades, a first quarter like-for-like sales decline of 3.7%. (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |