Tesco share price drops to its lowest in over a decade

After a devastating few days for Tesco, it would be understandable if the supermarket’s head honchos woke up this morning thinking things couldn’t get much worse.

 

Unfortunately, though, the misery continued this morning after Tesco’s share price crashed to its lowest price for over a decade.

 

Shares in the stumbling retail giant fell to a price of 164 pence in early morning trading, the lowest price they’ve traded for since 12 March 2003 when shares hit a price of 163.5 pence per share.

 

 

Yesterday the company revealed its £250m profit black hole was even larger than expected at £263m, signalling a 91.9 per cent collapse in half-year profits.

 

Revenues also fell 4.5 per cent, although costs were only down one per cent.

 

On top of that, the company lost another top executives: hchairman Sir Richard Broadbent stepped down from his role after the plunge in profits.

 

Tesco's share price has rallied in the last hour, reaching a per index price of around 168 pence per share. However, that's still a one per cent reduction yesterday's closing price and in keeping with a steady decline over the last year.

 

Today’s poor performance on the London Stock Exchange adds to the long list of Tesco catastrophes. Click here to test your knowledge of the supermarket’s mishaps.