The City roundup video: Tesco and Debenhams continue to suffer as Ladbrokes celebrates 94 per cent profit rise

Video: Alex Lawson provides a run-down of the day's major news from the City

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The Independent Online

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Tesco are dominating the headlines again.

The major retailer released an ugly set of results today, announced its chairman is stepping down and that its profits miscalculation earlier this month was even worse than first feared.

It said profits had in fact fallen a staggering 92 per cent, a result of shoppers favouring budget rival stores Aldi and Lidl instead.

More astonishing though, was that a probe into its accounts revealed its profits had been overstated to the tune of £263 million, £13 million more than originally feared. This was swiftly followed by the news that chairman, Sir Richard Broadbent, would be leaving the organisation as a result of the comedy of errors.

Video: Catch up with all the latest business news below

The latest goings on at Tesco mean new chief executive, Dave Lewis, will have a tough time turning round the under fire supermarket and if he didn't have enough to deal with already, Christmas is just round the corner too.

It is not only Tesco that is experiencing tumbling profits. Department store Debenhams has blamed a poor Christmas last year for their diminishing profits. Keen to turned round their fortunes,  they are hoping a revamped Oxford Street shop can get the tills ringing again.

And finally, bookies at Ladbrookes were kissing posters of Daley Blind today as profits leaped by 94 per cent. The Dutchman not only inspired his country’s run to the World Cup final but has also appeared in Manchester United’s poor start to the season – both have which have seen Ladbrokes profits sky-rocket.

 

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