Tesco remains on road to recovery as sales rise again - but price cuts hit profits by 28%
Tesco stayed on the road to recovery today with a third quarter of sales growth - but it was not enough to stop the supermarket giant's profits falling.
Its strategy of dropping prices helped it boost sales growth by 1 per cent, but half-year profits fell by 28.3 per cent to £71million.
Customer prices have fallen by 6 per cent compared to two years ago as the supermarket continues to wage a fierce battle to protect its market share at the expense of its profits.
Profits were also dragged down by £281million of exceptional costs, including restructuring and redundancy costs and a provision... read more
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