Friday 20 April 2018

Tesco profits slide by more than a quarter as sales growth continues

Dave Lewis, Group Chief Executive of Tesco. Photo: Reuters
Dave Lewis, Group Chief Executive of Tesco. Photo: Reuters

Supermarket giant Tesco has revealed half-year profits dropped by more than a quarter, but notched up a third quarter in a row of sales growth as its turnaround gathers pace.

The group posted a 28.3pc fall in bottom-line pre-tax profits to £71m (€80.5m) for the six months to August 26 after being hit amid the sector's fierce price war.

Its fightback against the discounters helped UK like-for-like sales surge by 0.9pc in the second quarter.

Chief executive Dave Lewis outlined plans to slash costs by £1.5m to help get profits back on track.

Press Association

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