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Tesco overstated profit forecasts by £250m

Tesco has revealed that it overstated its profit forecast for the first half of the year by £250m.

The retailer said the “serious issue” was uncovered in the company’s most recent profit warning, released in August.

Tesco has asked Deloitte to review the problems and said it is working closely with Freshfields, the retailer’s external legal advisers.

Dave Lewis, Tesco chief executive said: “The Chairman and I have acted quickly to establish a comprehensive independent investigation. The Board, my colleagues, our customers and I expect Tesco to operate with integrity and transparency and we will take decisive action as the results of the investigation become clear.”

Tesco will announce its interim results on October 23.

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