Tesco Posts Drop In H1 Profit

Tesco PLC TSCDY reported a decline in its first-half net profit. Tesco's UK comparable sales, excluding fuel, dropped 0.7% in the six months to August 25. Tesco's net profit for the period fell to 1.28 billion pounds ($2.06 billion), from GBP1.38 billion, in the year-ago period. Its revenue rose 1.6% to GBP32.31 billion. Tesco shares closed at $16.22 yesterday.