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Tesco chairman quits as profits error deepens

UK supermarket group has overstated profits by £263m as a result of accounting errors going back to before 2013

Published Thu, Oct 23, 2014 · 09:50 PM
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London

THE chairman of Britain's biggest retailer Tesco resigned on Thursday as the troubled supermarket group said that a huge accounting error began earlier than thought and contributed to plunging profits.

Chairman Richard Broadbent said that he would be stepping down after an independent investigation found that Tesco had overstated profits by £263 million (S$536.6 million) as a result of accounting errors stretching back to before 2013.

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