Tesco CEO: 'Full and frank inquiry' into profit overstatement

Tesco has suspended four executives, including its UK managing director, after the supermarket overstated its half-year profit guidance by £250m.

The amount equates to almost a quarter of its expected profit for the period.

Speaking on Monday, Chief Executive Dave Lewis said the company had launched a "full and frank investigation" headed by Deloitte, and said it is now working to establish the impact of the issue on its full-year results.

He said he would not speculate on the cause of what happened, but said that to describe his feelings as disappointed "would be an understatement".