The shares of Tesco (LSE: TSCO) (NASDAQOTH:TSCDY.US) slid 12p to 347p during early trade this morning after the supermarket revealed its half-year profits had dropped 8%.
The FTSE 100 member admitted its trading profits had fallen from £1,718m to £1,588m during the 26 weeks to 24 August.
The blue chip cited a poor performance within its European operations, where trading profits crashed 68% to just £55m, for the setback. Tesco blamed “a difficult economic environment, strong competition and a consumer preference for smaller store formats” for the collapse.
Elsewhere, the group’s Asian subsidiary reported profits down 7% to £314m following…