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Tesco slashes dividend and profit forecast as trading slumps
August 29, 2014 / 6:15 AM / 3 years ago

Tesco slashes dividend and profit forecast as trading slumps

LONDON, Aug 29 (Reuters) - Britain’s Tesco slashed its interim dividend by 75 percent on Friday, after tough operating conditions forced it to cut its trading profit outlook for the year.

Tesco, which issued a profit warning in July as it announced the departure of its chief executive, said its new head Dave Lewis would now start on September 1, one month earlier than expected. He will review all aspects of the business.

The group said it had revised its outlook and now expected trading profit for 2014/15 to be in the range of 2.4 billion pounds ($3.98 billion) to 2.5 billion pounds, compared with an analyst forecast of around 3 billion pounds.

$1 = 0.6030 British Pounds Reporting by Kate Holton; editing by Neil Maidment

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