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Mixed results for supermarkets

Supermarket giant Tesco has reported a 12% drop in group pre-tax profits to £1.7 billion in the six months to August 25. However Sainsbury's has reported strong sales for the second quarter of the year, with total sales up 4.3 per cent.

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Tesco to reveal fall in international profits

  • Tesco's overseas businesses, such as its European, Asian and US ventures, will weigh on the overall group performance.
  • Analysts have predicted a slide in profits as a variety of economic and political issues slow sales in Poland, the Czech Republic, Hungary and South Korea.
  • Sunday trading restrictions in Korea have hit the business there hard and could be behind a slide in Asian profits of around 5%, while high tax in Hungary will be one of the reasons behind a 10% drop in profits in the European region.
  • And Tesco is likely to come under further pressure over its troubled US chain - Fresh & Easy - as it continues to report losses and moves to cut costs.

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