Tesco - The supermarket chain has announced thumping losses.

Tesco faced significant financial challenges, reporting a £6.4 billion loss, the worst in its history. The company abandoned a project in Wolverhampton due to financial impracticality. Market difficulties, deflation, and internal issues like job cuts and a fraud inquiry compounded the situation. Dave Lewis, the new leader, aims to improve performance with shareholder support, despite competition and legacy issues. Tesco plans to focus on service, products, and price to regain its footing in the rapidly changing retail environment.

Why did Tesco decide to abandon the project in Wolverhampton?

• The project faced legal issues.

• The project was completed successfully.

• It was no longer financially viable.

• The site was sold to a competitor.

What was one of the major consequences of Tesco's financial losses?

• Expansion into new markets.

• Increase in employee benefits.

• Thousands of job cuts.

• Acquisition of a new company.

Which organization investigated Tesco for a profit overstatement?

• Competition and Markets Authority

• Financial Conduct Authority

• Serious Fraud Office

• National Crime Agency

What strategic focus did Tesco's leadership emphasize to overcome competition?

• Investing in technology.

• Expanding into new countries.

• Focusing on service, products, and price.

• Reducing the number of stores.

What was a criticism of Philip Clark's leadership at Tesco?

• He focused too much on core customers.

• He neglected core customers for other ventures.

• He improved the company's financial standing.

• He reduced the number of stores significantly.