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Reuters Breakingviews: Tesco profit price cuts

Friday, August 29, 2014 - 04:13

Aug. 29 - As Tesco issues a new profit warning, its new chief executive Dave Lewis needs to think hard about its international business arm, says Breakingviews

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Your days ago Robert -- -- has got to cut its dividend. Hey presto we got a 75% cut in the dividend today. Today he edges. The new management coming in early by the way about a month the to do various other things he joins me -- breaking views. We're going -- They put the typical. -- -- really the dividend cut comes to give the company's performance financial flexibility it needs. To reinvent his strategy pull -- to reveal itself in the third through me kind of and imperatives. Isn't the supermarket across full time home. I'm and -- really needs to get involved in that I'll leave little biased that ruled competing half. -- is trying it needs to redouble it no -- triple its efforts to basically bring prices down. So we get more people going in through the door I've been satisfied with the pre -- right behind him. Her new book trying to -- it. Second point aids. The -- needs to be resold it needs to Britain Tesco in the new chief executive. -- -- -- new finance their right to coming I think he probably needs at least one perhaps two or three more executives. They could come from within -- but some new confidence needs to be given. Two I bigger team on the exact some parts of the schools all of -- and the third thing I'm probably the most done. A difficult and controversial figures dolls text -- settle get rid of its international right and you community action. I'm really on the side. I think well I say that a little bit what was strategic review. This will be no sacred cows and they should be looked not very often that's a very difficult question who wants a given the depth of the problems that have been done by outside both in terms of the dividend amounts -- the warning him it may be that you had. He's so I was struggling. -- -- to concentrate fully on you know you US account a couple of days on this the dividend cut we we we did get -- -- 75%. Did you expect much. Yes honestly. Yes yes he's exactly I mean I didn't think about I didn't put a number on how much did it will be tough because it. That -- spews -- Full costing accuracy. Up two point one covered completely in. Some 5% I think is that. We don't alienation notice -- much as always thought right I guess is one of the things all things about Iraq. Okay I'm -- -- gives -- -- -- you warned that a couple of days ago can't they do this chip prices and fools. Quite a bit houses Foreman 306 and they send this morning. You send it back actually in the scheme of things as matters -- diligently yet. No absolutely and remember that one of the tenants of we'll surplus book it's what the dividends dates didn't come down some thoughts that smoke if you look sick applies here and there wasn't any. I think hell's going on its surplus in the pool and some thoughts on tonight they found six flights and I thought that was lost Hamas or actually this is a minimal thing. Really in the in the context it's down 40% -- -- three -- four years and dignity but today with the trading problems have been. I don't really undermined. The step -- these up front tonight. Sorry to -- but but there's another one. Which is I think -- yes disappointed by the rules telling congress. By the fact that -- -- in Crawford. That is really quite rightly. So that's -- -- -- that pessimism with a bit of optimism that we will see if they Dave Lewis musical from many thanks -- -- from breaking news. Outside the -- American -- wolf I'm if you wanna watch our US church hopefully some some confetti EST if you wanna see. I roberts' piece a couple of days ago when he was that dividend -- I can find on the inside of classical. As what is the breaking news website. -- -- -- -- --

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Reuters Breakingviews: Tesco profit price cuts

Friday, August 29, 2014 - 04:13

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