Tesco suspends bosses as inquiry launched 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.

It has launched an investigation headed by Deloitte, and says it is now working to establish the impact of the issue on its full-year results.

Analyst Robert Gregory of Planet Retail says the profit overstatement "will dent confidence in Tesco"

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