..another day another profits warning from Tesco's new boss Dave Lewis. I bet he's regretting his move form his job at Unilever. They are now only going to make £1.4 billion versus £2.4 billion suggested before.
This seems to be on the back of a new Commercial approach that will underpin stronger long-term relationships with suppliers, benefiting customers, whilst at the same time ensuring that revenue recognition is transparent and appropriate. They have retrained their staff and begun to roll this out with suppliers.
Meanwhile Dave Lewis is promising more updates on the 8th January - presumably with a trading update and ominously he also talks about "protecting and strengthening the balance sheet" - so it will be interesting to see if that means a rights issue or disposals which have both been rumoured.
Having sold this one back in April 2013 in the 360's, I'm still not tempted to rush back in, even though it is on offer at less than half price now, as clearly a lot has changed since I sold. I must admit while I thought they had become a bit arrogant and lost their way I must admit I didn't expect it to unravel quite as spectacularly as it has.
So I'll keep it brief as I'm sure there will be acres of press coverage on this today, but I'll leave you with a cliff hanger as tomorrow I'll have a look at what I put my Tesco proceeds into and review how that turned out. Meanwhile in today's Advent calendar window I can offer you a fantastic cover version or a song for Dave as I'm sure he'll be glad when this Tuesday's gone.