Tesco profits slump by a quarter
on 02/10/2013 07:30:42
The supermarket giant revealed first half group pre-tax profits of £1.39bn (€1.66bn), down 24.5% year-on-year with currency effects stripped out after being hit by restructuring costs and steep profit falls across Europe and Asia.
But trading profits in its UK business rose 1.5% to £1.13bn (€1.35bn) with like-for-like sales excluding petrol remaining flat in its second quarter after falling 1% in the previous three months.
Rival Sainsbury's continued to pile on the pressure as it reported like-for-like sales excluding petrol were up 2% in its second quarter.