2. Tesco profits overstated by £263m

  • The chairman of Tesco, Sir Richard Broadbent, is to quit the supermarket giant as it faces questions over inaccurate accounts; no timeline for his departure.
  • Tesco said inaccuracies in its accounts, which led to profit overstatement, dated back further than first thought.
  • Pre-tax profits at the firm were £112m in the first 6 months of the year; down 92 per cent. 
  • Previous profits for first half of the year overstated by £263m.