Supermarket giant Tesco will unveil its first fall in profits for nearly 20 years tomorrow as weaker international sales add to its floundering UK performance.
Tesco is forecast by broker Shore Capital to report pre-tax profits of £1.5 billion for the six months to August 25, a drop of 12% on the same half last year.
This will be the first fall since 1994.
Tesco’s profits have dropped for the first time in almost two decades while Sainsbury has squeezed out a rise in profits.
Today Tesco, Britain's biggest supermarket chain, is expected to announce its first profit fall in almost twenty years.