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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 UK profits rose 1.5% in first half of the year

Tesco has published its latest interim statement.

Tesco has revealed that its trading profits in its UK business rose 1.5% to £1.13 billion, with like-for-like sales excluding petrol remaining flat in its second quarter after falling 1% in the previous three months.

Despite improved trading in the UK, the retailer's first half group pre-tax profits of £1.39 billion, are down 23.5%.

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