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Tesco sees new fall in profits | Tesco sees new fall in profits |
(35 minutes later) | |
Troubled supermarket Tesco has announced a further big fall in profits as it struggles to turn its business around. | Troubled supermarket Tesco has announced a further big fall in profits as it struggles to turn its business around. |
Underlying profits for the first half of its financial year were £354m, less than half of last year's £779m. | Underlying profits for the first half of its financial year were £354m, less than half of last year's £779m. |
Pre-tax profit was £74m, compared with a loss of £19m for the same period last year. | Pre-tax profit was £74m, compared with a loss of £19m for the same period last year. |
UK like-for-like sales were down 1.1% in the second quarter, but international sales were up 1%. | UK like-for-like sales were down 1.1% in the second quarter, but international sales were up 1%. |
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. | 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. |
Chief executive Dave Lewis said: "In the UK, we continue to improve all aspects of our offer for customers, resulting in volume growth which is allowing us to create a virtuous circle of investment. | |
"Our transformation programme in Europe has accelerated growth and reduced operating expenses, and in Asia, we have gained market share in challenging economic conditions." | |
Mr Lewis has been focusing on cutting prices and putting more staff in stores in an effort to attract customers back to Tesco. | |
Tesco has completed the sale of its Homeplus stores in South Korea, reducing its debt by £4.2bn, but it has decided to keep its Dunnhumby data business. |