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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: Challenges in Europe affecting performance

The challenging retail environment in Europe has continued to affect the performance and profitability of our businesses there. The investments we have made to improve our offer for customers in the region are already starting to take effect and we expect a stronger second half as a result.

– Tesco chief executive, Philip Clarke

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