Shares are currently valued at 151p each – the lowest price since October 1997
Shares in the UK’s biggest retailer have dropped to an 18-year low. Shares in Tesco are currently valued at 151p each – the lowest price for the shares since October 1997.
The news is seen as a blow to the supermarket chain in the lead up to Christmas – a key time for all retailers and particularly for troubled Tesco. Last year the company reported the biggest loss in UK history and has since struggled in an increasingly competitive retail market, reporting a 55% reduction in profits in the six months to 31 August 2015.
Tesco also discovered a £263m accounting fraud last year and has since been the subject of a Serious Fraud Office investigation. Last year, former Unilever President of Personal Care, Dave Lewis was appointed CEO at Tesco. The retailer hoped Lewis could help turn around its problems, but it appears to still be struggling.