Tesco unfazed by Dobbies' sales slump
Garden centre chain Dobbies issued a profit warning yesterday – just days after supermarket giant Tesco won control of the company.
In a statement, Dobbies said its full year profits would fail to meet City expectations, blaming the poor weather which hit sales of garden furniture and plants.
Analysts had predicted that Dobbies would make some £6.2m, but the Scottish garden centre chain said it would be more like £5.2m.
The company made £5.5m last year but this year’s profits were hit by £3m of fees associated with Tesco’s takeover.
Tesco has said it was not surprised by its new acquisition’s poor performance in the summer, claiming it’s long-term future is in good shape.
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