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Tesco issues profits warning and cuts half-year dividend

Tesco shares have fallen by nearly 7 per cent this morning after the supermarket issued a profit warning.

Britain's biggest grocery retailer now expects annual profits to be £400 million lower at £2.4 billion.

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Tesco issues profits warning and cuts half-year dividend

Supermarket giant Tesco has issued another warning on profits and said it will cut its half-year dividend for shareholders by 75%.

The profit warning has sent shares tumbling this morning. Credit: Luke MacGregor/Reuters

Tesco's new chief executive Dave Lewis will now join the company on Monday - a month earlier than planned.

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