Warren Buffett's retail favourite Tesco has seen its shares plunge 14.2% following a profit warning today.
Shares fell to 329.94p in early trading as its chief executive Philip Clarke warned profits for the year would be around the low end of the current consensus range following the group's worst Christmas sales for decades. Veteran investor Warren Buffett upped his stake in the retailer by £120m in September, taking his total stake to 3.64%. Meanwhile Invesco Perpetual's £8.6bn Income fund, run by Neil Woodford, was the fourth largest investor in Tesco as at March 2011, according to Thomson Reuters. The stock is not in his top 10 holdings, however, and data shows he has been selling down...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
