Tesco overstated profits
bad day for
TESCO has launched an investigation after revealing that its guidance on profits for the six months to August 23 was overstated by around £250m (€318m).
The supermarket asked Deloitte to carry out a review of the issues, which emerged during preparations for half-year results.
In its latest profits warning, Tesco had said it expected trading profits to be around £1.1bn (€1.4bn).
"The chairman and I have acted quickly to establish a comprehensive independent investigation," chief executive Dave Lewis (right) said.