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| Tesco sees new fall in profits | Tesco sees new fall in profits |
| (35 minutes later) | |
| Troubled supermarket Tesco has seen a further big fall in profits as it struggles to turn its business around. | Troubled supermarket Tesco has seen 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, 55% down on the same period last year, when it made £779m. | Underlying profits for the first half of its financial year were £354m, 55% down on the same period last year, when it made £779m. |
| Its pre-tax profit was £74m, compared with a loss of £19m for the same period a year ago. | Its pre-tax profit was £74m, compared with a loss of £19m for the same period a year ago. |
| UK like-for-like sales were down 1.1% in the second quarter, an improvement from the first quarter's fall of 1.5%. | UK like-for-like sales were down 1.1% in the second quarter, an improvement from the first quarter's fall of 1.5%. |
| International sales were up 1%. | 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. | 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." | "Our transformation programme in Europe has accelerated growth and reduced operating expenses, and in Asia, we have gained market share in challenging economic conditions." |
| Debt reduced | |
| Mr Lewis has been focusing on cutting prices and putting more staff in stores in an effort to attract customers back to Tesco. | 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. | 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. |
| The supermarket is still under a criminal investigation by the Serious Fraud Office (SFO) after it admitted overstating its profits by £263m nearly a year ago. | The supermarket is still under a criminal investigation by the Serious Fraud Office (SFO) after it admitted overstating its profits by £263m nearly a year ago. |
| In a BBC interview, Mr Lewis declined to comment on reports that the company was close to striking a deal with the SFO. | In a BBC interview, Mr Lewis declined to comment on reports that the company was close to striking a deal with the SFO. |
| 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. |