Tesco profits grow but UK sales subdued
Supermarket group Tesco has reported a rise in half-year profits despite a fall in underlying UK sales, while rival Sainsbury's posts slightly better sales.
Pre-tax profit for the 26 weeks to 27 August was £1.9bn, up 12.1% on a year earlier.
Group sales rose 8.8% to £35.5bn, but like-for-like UK sales excluding VAT and petrol fell 0.5%.
Rahul Sharma, managing director at Neve Capital, told Radio 5 live Wake Up To Money why the supermarket had been reducing prices on thousands of items in the UK in an attempt to attract new customers.
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05 Oct 2011
- From the section Business