Tesco PLC (TSCO.L) Key Developments | Reuters.com
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Tesco PLC (TSCO.L)

TSCO.L on London Stock Exchange

24 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Tesco comfortable with analysts' 2016-17 profit consensus
Thursday, 23 Jun 2016 02:45am EDT 

Tesco : CEO says retail market "likely to remain challenging and uncertain" . CEO says no plans for further asset sales . CFO says comfortable with analysts' current 2016-17 profit consensus of 1.175 billion stg Further company coverage: (London Newsroom) ((UK.online@Reuters.com; +44 (0)20 7542 7717;)).  Full Article

Tesco to offload Turkey and Giraffe chains - Sky News
Tuesday, 7 Jun 2016 02:33pm EDT 

: Tesco to offload Turkey and Giraffe chains - Sky News .Tesco is likely to announce the sale of its Kipa chain in Turkey and Giraffe restaurants in the UK on Wednesday - Sky News.  Full Article

Equites Property Fund to buy Tesco distribution centre in Hinckley for 28 mln stg
Friday, 27 May 2016 04:45am EDT 

Equites Property Fund Ltd : Concluded an agreement with British Oversees Bank Nominees to acquire a Tesco distribution centre in Hinckley, England for £28 000 000 in cash .Transaction will contribute positively to Equites' distributable earnings in current year.  Full Article

Tesco PLC - Tesco product recall of some flavoured butter products - Lincolnshire Echo
Monday, 29 Feb 2016 07:00pm EST 

Tesco PLC:Tesco is recalling some flavoured butter products due to the possible presence of a bacterium that could make people ill - Lincolnshire Echo.The products listed below may be contaminated with Listeria monocytogenes, a bacterium that can cause foodborne illness, particularly among key vulnerable groups, including pregnant women, unborn and newborn babies, those over 60 years old, and anyone with reduced immunity.  Full Article

Tesco PLC considering cutting store staff by 39,000 over three years - Guardian - Reuters
Friday, 26 Feb 2016 12:01pm EST 

Tesco PLC:Considering cutting store staff by 39,000 over three years - Guardian.  Full Article

Tesco PLC - Asda, Tesco, Lidl and Waitrose recalls thousands of Mars chocolates -Leicester Mercury
Thursday, 25 Feb 2016 07:00pm EST 

Tesco PLC:One of the biggest chocolate manufactures in the world issued a major product recall on Tuesday affecting 55 countries after a customer found a piece of red plastic in Mars' chocolate - Leicester Mercury.Now supermarkets here in Britain have issued their own recalls of various Mars products, with four big chains issuing information to customers.Asda, Tesco, Lidl and Waitrose have now all issued separate notices relating to packets of Celebrations and Mars, Milky Way and Family Funsize.  Full Article

Tesco PLC to settle class action commenced in New York - Datamonitor
Wednesday, 16 Dec 2015 12:04am EST 

Tesco PLC:Tesco PLC has reached an agreement in principle to settle a class action commenced in New York on behalf of the holders of the company's American Depositary Receipts, or ADRs.The class action was against the Company and certain of its former directors and alleged breaches of certain US federal securities laws in connection with the overstatement of commercial income which was announced in September 2014. - Datamonitor.The settlement agreement, which is subject to confirmation by a federal court in New York, provides for Tesco to pay $12 million to settle the class action with no admission of liability. - Datamonitor.This agreement, if confirmed, will settle one of two claims before US courts arising out of the commercial income overstatement.The other claim is brought in Ohio by the remaining holders of ADRs equivalent to less than 0.2% of the total issued ordinary shares of the Company - Datamonitor.  Full Article

Tesco PLC in $12 mln U.S. settlement over accounting scandal - Reuters
Wednesday, 25 Nov 2015 06:26pm EST 

Tesco PLC:Tesco Plc has agreed to pay $12 million to settle a U.S. shareholder lawsuit claiming that accounting irregularities inflated the share price of Britain's largest retailer - RTRS.The all-cash settlement was disclosed in filings on Wednesday in the U.S. District Court in Manhattan, and requires court approval - RTRS.Tesco denied wrongdoing in agreeing to settle, court papers show - RTRS.Tesco was sued after revealing in September 2014 that it had overstated first-half profit by 250 million pounds ($378 million) because it incorrectly booked payments from suppliers - RTRS.That led to the price of Tesco's American depositary shares falling 15 percent on the next trading day. Tesco later raised the estimated overstatement to 263 million pounds - RTRS.The scandal led to the departure of several top executives, probes by Britain's Serious Fraud Office and other regulators, and the replacement of Tesco's longtime auditor - RTRS.Wednesday's settlement covers investors led by Stephen Klug, and who sought class-action status on behalf of those who acquired Tesco's American depositary shares and "F-shares" between April 18, 2012 and Sept. 22, 2014, court papers show. - RTRS.The lawsuit claimed that Tesco and top executives misled investors into believing the company was performing well, when it was instead reporting profit incorrectly, taking too long to recognize costs, and overstating inventory. - RTRS.  Full Article

Tesco PLC distribution centre workers to ballot for strike action - Reuters
Tuesday, 24 Nov 2015 08:05am EST 

Tesco PLC:Tesco could face disruption to its distribution network in the run-up to Christmas after a union representing workers at two of its hubs said it would ballot members on strike action over pay - RTRS.The Unite trade union said over 700 drivers and warehouse staff at distribution centres in Belfast, Northern Ireland and Doncaster, northern England will be balloted for strike action next week after rejecting Tesco's latest pay offer - RTRS.Tesco added that any industrial action at these two sites would have no noticeable effect on its customers - RTRS.  Full Article

Tesco PLC in deferred prosecution talks with fraud office - Sky News - Reuters
Tuesday, 6 Oct 2015 08:00pm EDT 

Tesco PLC:Tesco TSCO.L has held talks with the Serious Fraud Office (SFO) over a deal to settle a criminal investigation into its accounting errors, Sky News reported on Tuesday - Reuters.The SFO opened a formal criminal investigation into errors at Tesco almost a year ago, after the firm admitted overstating its profits by 263 million pounds ($400 million), a revelation that hammered the reputation of the country's biggest grocer - Reuters.Sky News said Tesco had been in discussions with the SFO about the possibility of signing a deferred prosecution agreement (DPA) - a court-approved deal under which the company admits wrongdoing but avoids any immediate criminal sanctions - Reuters."We have said before that we are not commenting on DPAs and the investigation into Tesco is still ongoing," a spokesman for the SFO told Reuters, referring to the Sky News report - Reuters.Under a DPA, a prosecutor charges a company with a criminal offence but proceedings are automatically suspended and the company agrees to a number of conditions, such as paying a penalty and compensation. If the company does not honour the conditions, the prosecution may resume - Reuters.  Full Article


Tesco says recovery on track, asks investors to be patient

LONDON Tesco, Britain's biggest retailer, said its recovery was gaining momentum as it reported a second straight quarter of UK sales growth, though it said it could take up to three years for this to feed through to its share price.