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Tesco profits overstated by £263 million

Tesco has announced it had 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.

Chairman Sir Richard Broadbent has confirmed he is stepping down from his role.

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Tesco profits overstated by £263m

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.

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