Profits at Britain’s largest retailer drop from £779m to £354m following accounting scandal and amid supermarket price warTesco is planning further rounds of price cuts after profits more than halved in the first six months of its financial year. The UK’s biggest retailer made operating profits of £354m,excluding exceptional items and its now offloaded Korean business, in the six months to 29 August, and compared with 779m in the same year before.
Sales at established stores in the UK slid by 1.1% in the six months to 29 August and the group warned that trading conditions remained challenging. Profits in the UK and Ireland dived 70%,but a 26% drop in profits at Tesco’s international businesses also disappointed the City. Tesco said the drop was largely down to the impact of fresh tax and Sunday trading laws on its business in Hungary. Related: Tesco says national living wage will cost it £500m by 2020 Continue reading...
Source: theguardian.com