Tesco Express shop front
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Supermarket Tesco announces drop in profits

The UK's biggest supermarket chain, Tesco, has reported a 23.5% drop in profits during the first half of its financial year.

Tesco's pre-tax profits in the six months to 24 August were £1.39bn, which the firm blamed on a challenging retail environment, particularly in Europe.

Meanwhile rival Sainsbury's reported a 2% rise in like-for-like sales during the second quarter of its financial year.

Emma Simpson reports.

  • 02 Oct 2013
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