Tesco in €317m ‘accounting error’

Tesco slashed its profit forecasts by almost €320m following the discovery of an accounting error, adding to an already tumultuous year for the British retailer.

The company announced yesterday that it had uncovered a huge accounting error of £250m (€317m) in the preparation of interim results due to be released at the beginning of next month.

The revision is the third such profit warning the company has issued to date this year, with the most recent update, prior to yesterday, coming late last month.