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Sales collapsed, the group issued multiple profit warnings and the directors were replaced.
Cescau's decision to leave is the latest boardroom change at Tesco after Britain's biggest retailer suffered multiple profit warnings and an accounting scandal that involved overstating expected profits by £263m.
It had a dark two years starting in 2014 when its shares fell 75% amid multiple profit warnings, but it swung back to profit last year after a turnaround plan took effect.
Known for its leather handbags, including the £1,100 Alexa, Mulberry has been trying to restore its reputation for affordable luxury after an ill-fated push upmarket triggered multiple profit warnings.
Is it just unfortunate coincidence that nearly all the big UK outsourcers have suffered the indignity of having their accounting policies scrutinised, a string of contract disputes or issues resulting in multiple profit warnings, or is there a systemic issue across the sector?
The Swiss-Irish company has issued multiple profit warnings since last year, prompted by rising distribution and labour costs in North America, problems with undocumented workers at an American bakery, high prices of butter and weak consumer spending in some European markets, particularly Britain.
Similar(54)
You can create multiple profits with very little work.
By enforcing incrementally increasing environmental targets, OEMs can also explore multiple green profit opportunities that can create greater profits and increased environmental-impact savings than producing new products only.
Vendors aspired to get at least the same multiple of profit; acquirers found banks, bondholders and shareholders prepared to fund deals at that level and beyond.
$102.7m worldwide and counting means it's already several multiples in profit, unlike The Revenant – which has snatched a superlative $274.4m but is hobbled by a $135m spend.
For a long time, the public markets have been valuing fracking companies not based on a multiple of profits, the standard way of valuing a company, but rather according to a multiple of the acreage a company owns.
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CEO of Professional Science Editing for Scientists @ prosciediting.com