Tesco Trap "False Gate" Postponed The First Half Of The Financial Release Time

The UK based Tesco is one of the three largest retail groups in the world, and the company expects to earn 1 billion 100 million pounds in the first half of its performance forecast. But a few days later, Tesco corrected and expected to earn only 850 million pounds. Under pressure, the company CEO Peter DELL has admitted that there is a false profit of 250 million pounds. "We found that a profit of 250 million pounds has been inflated, and the company has set up an investigation team. It may be the British food business department. cost "Cause."

It is reported that this time Finance Fraud was reported by internal whistle blower. At present, the Tesco board has 5 executives. Suspension Despite their efforts to exaggerate the matter, they still failed to mitigate the reaction of the capital market. Since the scandal broke out, Tesco shares have fallen continuously, and even Buffett, the stock god, has caught up. His stake in Tesco4% has lost nearly 1 billion dollars. According to foreign media sources, several major shareholders of Tesco agreed to support the issue of shares and subscribe to shares so as to support stock prices.

The audit company for Tesco services is PWC. Despite the medium-term forecast, Pu Hua just reviewed, but the nominal increase of 250 million did not make the company lose face. PWC China related personnel said that the audit was difficult to achieve 100% to ensure that the accounts were correct, due to time and manpower restrictions, are sampling surveys.

In order to make a thorough investigation of financial fraud, Tesco hired another auditor, DDT, to conduct an independent investigation. Prior to this, PWC has served Tesco for 13 years. Insiders believe that the longer the cooperation, the easier it is to neglect. Because for a long time, audit procedures are the same all the year round, and there is no way to pay much attention to their changes. If the audit procedure can be done adequately, it will be able to detect problems. However, there is still a question of whether senior executives deliberately concealment. At the same time, the sampling proportion will affect the audit results.

At present, Tesco has postponed the release date of the first half of the financial report to October 23rd.

Related links:

With the development of the times, e-commerce has exerting a more and more far-reaching impact on the retail industry. Chongqing department store announced in the evening of October 13th, the company will sign the "Cooperation Framework Agreement" and related specific transaction agreements with the major shareholder of Chongqing business group's e-commerce company, and cooperate in the field of e-commerce. Among them, e-commerce companies agree to provide Internet information publishing, business promotion and related Internet technology services to all companies on all their "Century Shopping" e-commerce platforms. The company agrees to carry out online business activities such as online sales and services on the platform provided by e-commerce companies.

It is understood that the Chongqing business agency e-commerce company invested 10 million yuan for the business group in November 2013, and its residence is located in the comprehensive building of the two sides of Chongqing two inch Huaihe bonded port area management committee. It is the first pilot enterprise in the national cross-border electricity supplier mode.

The century shopping platform is owned by Chongqing department store's new century department store chain corporation. In April this year, the century purchase began trial operation, through the purchase of commodities, online transactions, used to test the trading process and system stability. In September 30th, the century purchase was formally launched. In the future, the platform will focus on the development of cross-border electricity supplier trade based on import bonded goods besides daily department stores.

According to the agreement, the electronic commerce company will provide Chongqing department store with the support of the network operation platform and service support that is sufficient to support the development of the e-commerce business of the company. In the new century, the department store chain agreed to transfer the price to the e-commerce company at a price of 1 yuan, and the electronic commerce company agreed to obtain all its domain names and the complete rights, interests and interests related to the domain name and domain name from the new century department store chain.

The company will pay service charges to e-commerce companies annually, no more than 3 million yuan per year. The duration of the co operation is 5 years, from October 15, 2014 to October 2019, 14 days.

Chongqing department store said that the transformation of traditional retail to e-commerce or e-commerce integration is consistent with the laws of industrial development, and also in line with the company's strategic planning. This transaction will help to promote the organic combination of online transactions and entity stores, broaden existing business channels and enhance market competitiveness. The company will take this cooperation as a breakthrough in e-commerce strategy, further speed up business transformation, constantly try to innovate, and promote the integration of traditional retail and e-commerce.

Yao Wei, senior manager of Chongqing Chongqing new equity investment fund, analyzed the first performance decline of Chongqing department stores in the first half of this year, and has already felt the huge impact of the electricity supplier on the traditional retail industry. The move to e-commerce is undoubtedly a response to the crisis. However, under the current market competition pattern, whether Chongqing department stores can take the opportunity to break through is faced with many difficulties and challenges, and the purchase of "Dances" with ALI, Jingdong and other giants in the 21st century is obviously the key to its success or failure.