Investing.com - Britain's biggest supermarket Tesco (LONDON:TSCO) on Wednesday posted a 55% slump in first-half profit, saying the the market remained challenging and it stood ready to invest more if needed.
Tesco said it made an operating profit before one-off items, its new headline performance measure, of 354 million pounds in its fiscal first half, down from 779 million pounds in the same period last year.
Tesco showed a sustained improvement in underlying sales in its key home market which enabled it to reiterate its full-year profit guidance.
It reported an annual loss of 6.4 billion pounds in April, one of the biggest in British corporate history and has struggled to recover from an admission that it manipulated its accounts last year.