Tesco profits down 28.3% but sales growth increases again
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 28.3% fall in bottom-line pre-tax profits to £71 million 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 0.9% in the second quarter.
Chief executive Dave Lewis outlined plans to slash costs by £1.5 billion to help get profits back on track.