B&M boss leaves as Reeves's tax raid bites [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
NASDAQ:AMEX Investor Relations:
tescoplc.com/investors
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Source: Yahoo! Finance
The discount retailer said it expected underlying earnings to be in the range of £605m to £625m this year, down from its previous estimate of £650m. It came as B&M said Alex Russo, its chief executive, was retiring. Shares plunged by more than 7pc, leaving the company at the bottom of the FTSE 250. The company blamed the downgrade on “current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility”. Retailers have complained of worsening conditions in the wake of the Chancellor's October Budget, which centred on a £25bn tax raid on businesses. Ms Reeves raised National Insurance contributions for employers and increased the national minimum wage by 6.7pc to £12.21 per hour, both of which are expected to hit retail hard. Consumer confidence has also plummeted since Labour came to power. Retail sales were poor in the run-up to Christmas, falling unexpectedly by 0.6pc in December. Britain's biggest retailers have
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