So Tesco (the UK’s biggest retailer) just announced that it has been overstating its half-year profits by 25% (about £250m). It’s not clear how long this has been going on but the omens aren’t good.
Tesco is to the UK what Walmart is to the USA, minus the firearms. Thousands of stores, millions of customers. It takes nearly 30% of the UK market. It has so much food I get fat shopping there and have to go on diets all the time.
Now, Tesco’s ubiquitous marketing slogan is ‘Every little helps’. And it would appear that the company has been taking this message to heart.