VIDEO: Tesco's Philip Clarke explains why profits are down

Group trading profit dropped 10.5 per cent to £1.6 billion.
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Tesco has announced its profits have fallen in its interim results for the 2012/2013 financial period.

Group sales rose 1.4 per cent to £36 billion, but underlying profit before tax fell 8.5 per cent to £1.8 billion.

Group trading profit of £1.6 billion was down 10.5 per cent. UK was down 12.4 per cent to £1.1 billion, while international profit was down 17.1 per cent to £0.4 billion.

You can watch Tesco CEO Philip Clarke explain why Tesco's profits have fallen in this video below:

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