Chairman to leave as Tesco profits plummet

Compounding an already miserable year for supermarket giant Tesco, the company yesterday announced a 92% fall in pre-tax profits in the six months to the end of August.

The slump in profits came partly as Tesco revealed an even bigger hole in its profit and loss account than previously disclosed.

Last month, the company announced that, as a result of an accounting error, it had overstated profits by £250m (€316.8m) — a figure it has now revised to £263m following an investigation into the matter by Deloitte.