7th October, 2015 by Neal Baker
Tesco`s half-year results have shown that profits have been slashed by 55% on last year, as the retailer also revealed “simpler” terms for its alcohol suppliers.

Profits for the first half of its financial year were £354 million, 55% down on the same period last year, when it saw profits of £779m.

However, pre-tax profit is up £74m, compared with last year`s loss of £19m, and volume sales grew marginally by 1.4%.

The UK`s largest grocery retailer in terms of volume – and also its largest alcohol seller – said the results show that its overhaul over the past 12 months is starting to work.

Dave Lewis, chief executive, said: `In the UK, we continue to improve all aspects of our offer for customers, resulting in volume growth which is allowing us to create a virtuous circle of investment.` 

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