Tesco to reveal fall in profits

Press Association

Supermarket giant Tesco will unveil its first fall in profits for nearly 20 years on Wednesday as weaker international sales add to its floundering UK performance.

Tesco is forecast by broker Shore Capital to report pre-tax profits of £1.5 billion for the six months to August 25, a drop of 12% on the same half last year. This will be the first fall since 1994.