(MENAFN) Tesco registered a bigger than expected hole in its accounts after finding mistakes in booking income had gone back further than initially thought, Oman Observer reported.
The misstatement forced Britain's giant to lower its full-year profit outlook for the year. Tesco lost 20 percent of its market value this month, following a drop of 5.5 percent in its second-quarter domestic sales.
"Our business is operating in challenging times. Trading conditions are tough and our underlying profitability is under pressure," Chief Executive said in a statement issued on the official website.
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