Tesco’s black hole ‘less big than feared’

GROCER TESCO will state this week that it overestimated earnings by less than the £250m which it previously announced, Sky News reported, citing an unnamed banking source.

Sky said that when the firm reports its delayed first-half results on Thursday, the gap would fall “somewhere close to the middle” between £200m and £250m.

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The supermarket chain is suffering its worst ever crisis after issuing three profit warnings in 64 days this year.

It said in September that an accounting mistake had over-valued first-half profits by £250m.