Tesco sees profit decrease over first half of 2013

Tesco has recorded a 23.5 per cent drop in profits over the first half of its financial year.
Both Tesco and Sainsburys have released their trading figures for the second quarter of 2013 today (October 2nd).
However, while the former has seen the slump over the past six months, the latter has reported seeing a two per cent increase in like-for-like sales during the second quarter of its financial trading.
Tesco’s total sales in the UK saw an increase of 1.5 per cent in the six months up to August 24th, however, like-for-like sales dropped by 0.5 per cent.
The supermarket blamed a challenging shopping environment in Europe for its overall figures – with profits falling by 67 per cent across the continent to £55 million.
Meanwhile, Sainsbury’s posted positive results, recording a boost of five per cent to its total sales figures in the second quarter and like-for-like sales across the first half also going up by 1.5 per cent.
The firm’s chief executive Justin King said: “We are the only major supermarket to be growing market share.”