Tesco Posts Lower H1 Profit

Tesco PLC TSCDY reported a drop in its first half profit. Tesco's net profit for the six months fell to 820 million pounds ($1.33 billion), from GBP1.24 billion, in the year-ago period. Its sales climbed to GBP31.91 billion from GBP31.31 billion. Its UK same-store sales came in flat in the second quarter. In Asia, Tesco's same-store sales declined 3.5%, while trading profit fell to GBP314 million versus GBP339 million. Tesco shares closed at $17.61 yesterday.