1.The accounting black hole in Tesco’s profits is £263m, up from the initial estimate of £250m.
2.The dubious accounting practices, which had been thought to relate only to the first half of the year, go back at least two years. Tesco admitted that there were “similar practices in prior reporting periods ” – breaking down the £263m overstatement, £118m relates to this year, £70m last year and £75m for prior periods.
3.Much-criticised chairman Sir Richard Broadbent is leaving. “My decision reflects the important principle of accountability on behalf of the Board and will support the company to draw a line under the past as it enters the next phase of its development.
4.Bonuses will be withheld for former chief executive Phil Clarke and former finance director Laurie McIlwee while the investigation continues.
5.Things are going to get worse before they get better - the group is not giving any profit guidance for the full year and said: “We are reviewing all opportunities that exist within the Group to generate value and create headroom.
“Full year profitability could therefore be further impacted by actions we choose to take.
6.Profits are almost halved over the first half, at £783m on an underlying basis. Statutory pre tax profits crashed 92% to £112m.
7.Current trading remains poor: like-for-like sales excluding VAT and petrol in the UK fell by 5.5% in the second quarter.
What we haven’t learned:
1. Anything on strategy from the new chief executive
