Tesco profits overstated by £263 million

The new chief executive of Tesco has said shoppers can expect "positive surprises" as he gets the supermarket back "to what made this business great".

Dave Lewis told ITV News Economic Editor Richard Edgar that the accounting scandal that has enguled Tesco was "not at all what I envisaged when I took the job".

But he stressed that the company's 320,000 staff had continued to do a "stunning job" throughout the recent difficulties.

Analysis: New boss has his work cut out turning around Tesco

Spending in British supermarkets has been "essentially flat" since May of last year, according to the Office of National Statistics (ONS).

According to the ONS 'non-specialised food stores' such as Tesco and Sainsbury's account for the vast majority of food spending.

Food spending accounts for 40% of all retail sales in the UK, the ONS added.

This marks a contrast from the years leading up to 2013, where growth in spending has been strong, with a particularly rapid surge between 2006 and 2009.

Some of that previous growth may have been accounted for by food price inflation, as customers's spending has risen despite the quantity of goods they buy remaining more or less the same.

Analysis: New boss has his work cut out turning around Tesco

Tesco has said no bonuses were paid to its executives during the period that a huge accounting error took place.

The company overstated its profits for the first half of this year by £263m, with Tesco CEO Dave Lewis saying the mis-statement was due to booking income in the wrong accounting period.

ITV News Economics Editor Richard Edgar is following developments.

Read: Tesco withholds payment from former CEO Phil Clarke

Supermarket giant Tesco is withholding payments for its former chief executive, Phil Clarke, as an investigation into overstating profits continues.

The company announced today that it had overstated its profits for the first half of this year by £263m, slightly higher than the £250m originally estimated.

ITV News Economics Editor Richard Edgar is following developments.

Read: Tesco CEO: 'We will be the best supermarket again'

Tesco chief executive Dave Lewis has insisted the company will recover from "real challenges" to become "the best supermarket for customers" once more.

ITV News Economics Editor Richard Edgar is following developments.

Tesco has scrapped its full-year trading profit outlook as its domestic sales fell sharply in the second quarter of this year.

Results announced this morning showed underlying UK sales own 5.5% over the period.

The group said last month it had overstated its first-half profit forecast by £250 million pounds, but the group said on Thursday this had now risen to £263 million.

Read: Tesco chairman Sir Richard Broadbent to step down

Tesco chairman Sir Richard Broadbent has announced he is stepping down from his role.

The supermarket has recently appointed a new chief executive, Dave Lewis and a new finance director, Alan Stewart.

Read: Tesco profits overstated by £263 million

Tesco has announced that it overstated its profits for the first half of the year by £263m, slightly higher than the £250m originally estimated when the company was hit by an accounting scandal.

ITV News Economic Editor Richard Edgar is following developments.

Five of the company's executives have been suspended over the issue and city regulators are investigating what went on.

Chief executive Dave Lewis said the suspensions were not disciplinary but would enable a "full and frank" investigation.

Read: Tesco chairman Sir Richard Broadbent to step down

Tesco has announced group trading profits of £937m for the first half of this year.

The company said pre-tax profits fell 91.9% to £112 million in the six months to August 23rd.

Read: Tesco announces profits were overstated by £263m