Tesco had a rubbish first half of the year

Tesco had a pretty rubbish first six months.

Dave Lewis, the CEO that has now been in the job for 13 months, revealed that the largest supermarket in Britain posted a 55% drop in its first half operating profit and like-for-like sales in the same period fell by 1.1%.

Some may see the sales figures as a victory for Lewis and Tesco because analysts had anticipated a steeper drop of 1.5% in same store sales, excluding petrol.

However, Tesco admitted that the average number of products per range reviewed was reduced by 15%, with prices reduced on 10% of remaining range.

So in other words, Tesco may have slowed the sales drop but revenue is still lower and profits are being hit.

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