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Tesco will slash its dividend and investment spending to give its new boss more firepower to rebuild Britain’s biggest retailer, after a second profit warning in two months showed the scale of the task he faces. The grocer said on Friday that as a result of its worsening performance, former Unilever turnaround specialist Dave Lewis would start on Monday – a month earlier than planned – with a remit for a major review of the 95-year-old business. Jo Rundle, Head of Trading at ETX, described the move as alarmist but necessary: The latest profit warning lays bare the need for a change at a company once considered an unstoppable engine of growth, with annual trading profit now expected to come in around 25 percent lower than last year – a third straight year of decline.



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