Tesco says profits surge as costs drop

LONDON, Oct 4 AFP: Britain's largest retailer Tesco on Wednesday said half-year net profit soared on slashed costs, and forecast a further slowdown in food price inflation.
Profit after tax soared to o929 million ($1.1 billion) in the six months to late August, the supermarket giant said in a statement.
That compared with o252 million a year earlier when Tesco's performance was skewed by a large impairment charge.
The company reduced costs by o290 million in the first half and aims to slash them by o600 million over the full year.
Revenue advanced five percent to o34.1 billion in the first half, aided by price cutbacks as shoppers sought deals to save cash in a cost-of-living crisis.