Tesco supermarket is continuing to face troubled times as a further large fall in profits makes it difficult to turn the business’s fortunes around.
Profits during the first six months of its financial year were £354m, 55{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} drop on the same period last year, when it made £779m.
Pre-tax profit was reported at £74m, compared with a loss of £19m for the same period a year ago.
UK like-for-like sales were down 1.1{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} in the second quarter, an improvement from the first quarter’s fall of 1.5{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}.
In February, Tesco reported the worst results in its history, with a record statutory pre-tax loss of £6.4bn for the year to the end of February.
The results come a week after rival Sainsbury’s forecast better-than-expected full-year profits, but the big four supermarkets continue to be under pressure from discount retailers Aldi and Lidl.
Source: BBC Business News
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