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Tesco chairman quits as profits error deepens

UK supermarket group has overstated profits by £263m as a result of accounting errors going back to before 2013

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Mr Broadbent says Tesco's net profit had crashed to £6 million in its first half from £820 million a year ago.

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Mr Lewis has launched an inquiry into the accounting error.

London

THE chairman of Britain's biggest retailer Tesco resigned on Thursday as the troubled supermarket group said that a huge accounting error began earlier than thought and contributed to plunging profits.

Chairman Richard Broadbent said that he would be stepping down after an...

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