Tesco global profits down 23.5%

Supermarket giant Tesco has reported a 23.5% drop in group pre-tax profits to £1.39 billion in the six months to August 24. Rival Sainsbury's said its sales were up 2.1%.

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Tesco boss: 'There are always bumps in the road'

Tesco has said the challenging retail environment in Europe continues to affect its performance, as it reported a 23.5% drop in group pre-tax profits to £1.39 billion in the six months to August.

Chief executive Philip Clarke told ITV News: "There are always bumps in the road and the Eurozone is one of those and it's been an extraordinary impact since 2008."

But he added: "We feel we've got every opportunity to grow and make progress".

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