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Tesco scraps outlook on larger than expected accounting black hole

Reuters - UK Focus

LONDON, Oct 23 (Reuters) - Britain's biggest grocer Tesco reported a larger than expected hole in its accounts on Thursday, forcing it to scrap its full-year trading profit outlook.

Tesco (Xetra: 852647 - news) , which has lost a fifth of its market value in the last month, scrapped the outlook as its second-quarter underlying domestic sales fell sharply, down 5.5 percent.

The group said last month it had overstated its first-half profit forecast by 250 million pounds ($401 million), but the group said on Thursday this had now risen to 263 million pounds. (1 US dollar = 0.6229 British pound) (Reporting by James Davey and Neil Maidment; writing by Kate Holton; editing by Guy Faulconbridge)