Tesco eyes fightback as profits dip
The UK's biggest supermarket chain, Tesco, has reported its first fall in profits since 1994.
Pre-tax profit for the six months to 25 August came in at £1.7bn, down 11.6% from the same period last year.
The fall in profits was largely due to spending on the retailer's £1bn investment programme to improve its UK stores, which was announced by chief executive Philip Clarke in April.
Also on Wednesday, Sainsbury's reported 1.9% growth in three-month sales.
Emma Simpson reports.
03 Oct 2012