Tesco raises pay despite profit hit

In its latest update, Tesco said it now expects full-year profits of between £2.4bn and £2.5bn, the lower end of its previous guidance of £2.4bn to £2.6bn

Tesco has seen its profits tumble in the first half of the year, with profit before tax plummeting by 64% to £413m, as the group contends with “significant” cost inflation and changing consumer habits. 

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