Posts tagged ‘Tesco profits down’

September 22, 2014

Tesco makes minor accounting error of £250m

by philapilus

Turns out just moving it from the warehouse to the shop doesn’t count; you actually have to ‘sell it’ all too.

Tesco has defended its £250m profit overstatement today in a press release, pointing out that “adding and subtracting are really difficult”.

The supermarket giant said that its accounts were wrong to the tune of a quarter of a billion because it can be very hard to distinguish between revenue you have earned, and revenue you haven’t earned.

Tesco’s chief accountant, Todd Cupboard, told reporters “It’s not so much a ‘mistake’, it’s more

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