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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.