Tesco shares stumble after profits drop

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Tesco’s first UK sales growth in seven years did little to inspire investors at the start of trading, as the UK’s biggest supermarket slipped to the bottom of the FTSE 100.

On a broadly positive morning for UK stocks, Tesco’s shares were down 1.3 per cent at publication time, to 192.95p.

Chief executive Dave Lewis praised the company’s progress in rebuilding after 2015′s record-breaking loss, but charges relating to its accounting scandal that year meant profits came in lower than expected.

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