Tesco Half-Year Profits Fall 55% To £354m
By UK.yahoonews:Tesco has reported a 55% hit to half-year operating profits as its chief executive bids to turnaround the supermarket chain’s fortunes.
The company, which has been battling the effects of a price war with rivals and the fallout from a profits overstatement, said it made £354m in the six months to 29 August – down from £779m in the first half of its last financial year.
Dave Lewis has made improving the customer experience a priority – cutting unprofitable stores as part of his plan to invest in its offering in a bid to win customers back from discounters.
Tesco continued its steady improvement in trading during the period, with UK like-for-like sales falling by just 1.1%, but it warned the market remained challenging.