Former Unilever President of Personal Care, Dave Lewis, has submitted his first year report as CEO of Tesco – and profits have slumped by more than half.
Nicknamed ‘Drastic Dave’ after dramatically reducing company expenditure at Unilever, expectations were high for Lewis when he joined Tesco in September 2014. But for the six months to 31 August 2015, Tesco has reported a 55% reduction in its profits to £354m, down from £779m in the same period last year. Like-for-like sales also dropped by 1.1% in the UK, although sales volume did rise by 1.4%.
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