By Sarah Vizard

The UK’s biggest supermarket chain said it had overstated profits by £263m, larger than the £250m it previously stated, and that the accounting issues that led to this had been going on for a number of quarters.

Pre-tax profits came in at £112m. These were also hit by a 4.6 per cent drop in like-for-like sales, worse than the 1.3 per cent fall it saw in the previous period.

Speaking to Marketing Week on a press call following the results announcement, chief executive Dave Lewis said he has spent some of the time since he joined Tesco looking at Tesco’s brand archaeology Read full story ›

Source: Marketing Week