Tesco CEO’s profit shock

Tesco boss Dave Lewis has told a court of his “genuine shock” on hearing of a £250million overstatement of the company’s profits.

He told a jury at Southwark Crown Court that before seeing a report in 2014 he had “no indication at all” its profits had been wrong. He said his initial reaction was “one of genuine shock”. Two former directors at the supermarket chain are standing trial accused of fraud. A third man is charged with identical offences but is not currently well enough to stand trial.