Tesco profits slide 28% despite recovery in sales
Supermarket giant Tesco today revealed that its half-year profits dropped by more than a quarter, despite notching up a third quarter in a row of sales growth as its turnaround gathers pace.
The group posted a 28.3 per cent fall in bottom-line pre-tax profits to £71 million for the six months to 26 August after being hit amid the sector’s fierce price war.
Its fightback against the discounters helped UK like-for-like sales surge by 0.9 per cent in the second quarter.
Chief executive Dave Lewis outlined plans to slash costs by £1.5m to help get profits back on track. He said the cost-cutting... read more
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