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Thursday 14 December 2017

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.

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