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07/10/2015
Tesco Reveals Further Drop In Profits
Tesco has revealed a further drop in profits in its interim results.
Underlying profits for the first half of its financial year were £354m, a 55% decline from £779m last year.
It's overall pre tax profit was £74m, compared to a loss of £19m in 2014.
However, the number of transactions increased by 1.5% while sales volumes rose 1.4%.
Dave Lewis, Tesco Chief Executive, said: "We have delivered an unprecedented level of change in our business over the last twelve months and it is working. The first half results show sustained improvement across a broad range of key indicators.
"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."
The supermarket is currently under criminal investigation by the Serious Fraud Office (SFO) after it admitted overstating its profits by £263m nearly a year ago.
(LM/CD)
Underlying profits for the first half of its financial year were £354m, a 55% decline from £779m last year.
It's overall pre tax profit was £74m, compared to a loss of £19m in 2014.
However, the number of transactions increased by 1.5% while sales volumes rose 1.4%.
Dave Lewis, Tesco Chief Executive, said: "We have delivered an unprecedented level of change in our business over the last twelve months and it is working. The first half results show sustained improvement across a broad range of key indicators.
"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."
The supermarket is currently under criminal investigation by the Serious Fraud Office (SFO) after it admitted overstating its profits by £263m nearly a year ago.
(LM/CD)
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