By John Glenday

Tesco has conceded that the extent of its accounting irregularities are greater than first feared having overstated its profits by £263m for at least two years, £13m more than first thought.

Britain’s biggest supermarket chain has posted a dismal performance in its latest trading update with profits down 40 per cent and UK like-for-like sales sagging 4.6 per cent.

The tide of woe extended to international markets too, particularly Asia where profits slid 17 per cent to just £260m, fuelling speculation that the division may be sold off to raise much needed capital.

In a further blow the firm has also scrapped its Read full story ›

Source: The Drum