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Tesco eyes fightback as profits dip

The UK's biggest supermarket chain, Tesco, has reported its first fall in profits since 1994.

Pre-tax profit for the six months to 25 August came in at £1.7bn, down 11.6% from the same period last year.

The fall in profits was largely due to spending on the retailer's £1bn investment programme to improve its UK stores, which was announced by chief executive Philip Clarke in April.

Also on Wednesday, Sainsbury's reported 1.9% growth in three-month sales.

Emma Simpson reports.

  • 03 Oct 2012