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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 scraps trading profit outlook as sales fall

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

Tesco reported a sharp fall in domestic sales in the second quarter of the year. Credit: Rui Vieira/PA Wire

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.

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