Profit Warning and Financial Woes

financial woes: The scandal deepens the financial woes for the British company, which on Monday had to issue its third profit warning in two years as it struggles to compete with low-cost rivals. The announcements shocked investors, with shares falling 10 per cent to 205.65 pence on Monday, according to The Toronto Star, Canada. We have uncovered a serious issue and have responded accordingly, Lewis said in a statement and Tesco, the worlds second-largest supermarket chain after Walmart, has suspended four executives and launched an accounting investigation after admitting that its half-year profit was overstated by 250 million pounds $450 million Canadian . The investigation, prompted by information from a whistleblower, comes less than a month after the new chief executive, Dave Lewis, was brought in to turn around the companys business. (news.financializer.com). As reported in the news.