The City roundup video: Where will Tesco's woes end?

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The Independent Online

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The City once again turned its attention on Tesco as the ailing supermarket issued its fourth profit warning of the year.

It appears to be a clearing of the decks for new boss Dave Lewis, who today marked his 100th day in the job by telling shareholders profits will be no more than £1.4 billion this year – far less than the £2 billion originally predicted.

Lewis has sent nearly 1,000 staff in its commercial team back to school, retraining them to prevent another accounting error. What’s more he’s promised an extra 6,000 staff will hit the shop floor as he attempts to keep the shelves full and customers happy.

Lewis said today he does not have a crystal ball to predict when his turnaround will be complete but on present form it looks a long way off.

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