Tesco reveals analysts said 'sorry' over accounting note
Citi analysts confused accounting policies, says finance director
Tesco FD Laurie McIlwee has revealed that the grocery giant has received an
apology for an investment note put out by investment bank Citi.
The note reportedly questioned the retailer’s accounting policies suggesting,
according to the Daily Telegraph, that Tesco could be lower if it used the same
policies as other supermarkets.
The paper reports McIlwee saying the note suggested that internationally
accepted practices were in fact Tesco’s own policies. McIlwee is quoted saying
he did not ask for a retraction.