Tesco has announced a 92% profits plunge and warned of more pain to come after the discovery of a worse-than-expected £263 million hole in its accounts.

Tesco executives may be hauled before MPs to explain the supermarket giant’s “stratospheric” error over its inflated profits guidance.

Tesco has been plunged into fresh turmoil following the suspension of four UK executives while it investigates a £250m over-statement of profits.

Tesco’s under-pressure boss Philip Clarke is facing a fresh blow amid reports the group’s finance chief is poised to depart ahead of annual results in less than two weeks.

Checkout staff at Tesco have seen their annual shares bonus pot halved after the supermarket giant slumped to its first annual profits fall in nearly 20 years.

TESCO is struggling in Ireland with sales falling 3.9% over the last four months.

Supermarket giant Tesco reported a 1.5% hike in third-quarter UK sales today, but warned that the recent snow had impacted trading.

TESCO said its business in Ireland has successfully turned around, with growth having resumed and market share increasing.

A STRONG performance at Tesco’s Irish outlets has pushed the company’s like-for-like in Europe into positive territory.

Supermarket giant Tesco said today that UK sales growth almost ground to a halt in the last three months as the grocer wrestled with plunging food inflation.

Tesco said today that it had its best Christmas for three years as it reported a 4.9% rise in Ireland and UK like-for-like sales excluding petrol and adjusted for VAT.

Supermarket giant Tesco said today that first quarter sales rose 4.3% during a "solid start" to its trading year.

Supermarket giant Tesco today announced the appointment of Laurie McIlwee as Group Finance Director.