Tesco's 250-million-pound black hole: Who was minding the shop?

LONDON (Reuters) - "Things are always unnoticed, until they're noticed," Tesco Chairman Richard Broadbent said when asked how Britain's biggest retailer had failed to spot a 250 million pound ($410 million) sized hole in its first-half profits. It was an oversight that led to a 4 billion pound drop in Tesco's market value and the suspension of four senior executives. The rigor and analysis and the focus seems to have fallen away a little bit," one former UK Tesco director told Reuters on condition of anonymity due to the sensitivity of the subject. Tesco had once appeared unstoppable, boasting two decades of uninterrupted earnings growth as it bulldozed its way to dominance.

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