Talking Point: Tesco profits drop by 23.5 per cent
TESCO has announced a 23.5 per cent drop in profits during the first half of its financial year.
The UK’s biggest supermarket chain made a profit of £1.39bn – while UK like-for-like sales, excluding new store openings dropped by 0.5 per cent.
Sainsbury’s like-for-like sales have increased by two per cent.
Tesco has blamed the drop on the changing retail market, with particular challenges in Europe.
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Chief Executive of Tesco Philip Clarke said: “Despite continuing challenges, we have made further progress on our strategic priorities.
“We are strengthening our UK business, working to establish multichannel leadership and pursuing disciplined international growth.
“The challenging retail environment in Europe has continued to affect the performance and profitability of our businesses there. The investments we have made to improve our offer for customers in the region are already starting to take effect and we expect a stronger second half as a result.”