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Tesco first-half profit more than halves

Reuters
The head office of Tesco is seen in Cheshunt, in southern England
The head office of Tesco is seen in Cheshunt, in southern England January 8, 2015. REUTERS/Toby Melville

LONDON (Reuters) - Britain's biggest supermarket Tesco (TSCO.L) on Wednesday posted a 55 percent slump in first-half profit, showing the scale of the financial damage wrought by discount groups and raising questions over boss Dave Lewis' turnaround plan.

In line with recent market data, Tesco showed a steady improvement in trading in its home business and it reiterated its full-year outlook, however it said the market remained challenging and it stood ready to invest more if needed.

Tesco said it made an operating profit before one-off items, its new headline performance measure, of 354 million pounds in the six months to Aug. 29, its fiscal first half.

That compared to 779 million pounds made in the first half of the grocer's 2014-15 year. It also said it would retain its Dunnhumby data business.

(Reporting by James Davey; writing by Kate Holton; editing by Paul Sandle)