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Noel Tagoe, executive director at the Chartered Institute of Management Accountants (CIMA), says what happened at Tesco was an "easy" mistake, as it used historical data to overestimate volumes, which had been falling.
CEO of Kingfisher says Tesco is still a very important company for the UK and it can be turned around.
Stephen Springham, senior retail analyst at Planet Retail, says new Tesco CEO Dave Lewis has a "massive task ahead of him" to turn around the struggling U.K. supermarket.
Tesco reported pre-tax profit fell by 91.9 percent to £112 million in the first half of 2014, as it confirmed that previously profits had been overstated by £263 million, more than the £250 million originally estimated.
Matthew Stych, Research Director, Asia Pacific at Planet Retail, outlines his expectations for the earnings and explains why CEO Dave Lewis may more time to come up with a turnaround plan.
Jessica Ground, U.K. equities fund manager at Schroders, says Tesco still has a large market share and the stock has fallen to prices at which it is an attractive buy.
Even Warren Buffett can make mistakes. The 'Oracle of Omaha' told CNBC on Thursday that he made a big one by investing in British supermarket chain Tesco.
Michael Izza, CEO of the Institute of Chartered Accountants, says the accounting mistake by Tesco is "very serious".
Bruno Monteyne, senior analyst at Bernstein, says Tesco's accounting error was not a big surprise and that the group is in a "really tricky situation".
Tesco's stock price fell to its lowest level since 2003 after the group announced it had launched an investigation into a misstated profit, CNBC's Catherine Boyle reports.
Ewen Cameron Watt, chief investment strategist at BlackRock Investment Institute, says that the Tesco announcement that it has overstated its half-year profits could be the start of a clean-up of the business as new management steps in.
While the venture with Tesco will weigh on its profits in the near term, China Resources Enterprise will gain expertise from the partnership, says Charles Yan, Head of Greater China Consumer Research at Standard Chartered Bank.
Bruno Monteyne, senior analyst for European food retail at Sanford C. Bernstein, says Tesco's management is not dealing well with a changing U.K. food retail environment.
David Herro, chief investment officer at Harris Associates and one of the biggest shareholders in Tesco, says the supermarket chain has "issues" but is a "turnaround" story.
U.K. supermarket chain Tesco on Wednesday reported a sharp fall in first-quarter sales, hurt by price cuts and subdued consumer spending.
Bruno Monteyne, senior European food retail analyst at Sanford C. Bernstein, says there will be no major improvement from Morrisons after it posted very weak results.
David Gray, retail analyst at Planet Retail, says Tesco faces "fairly big" problems and need to focus on getting its food offering right, innovate and tighten margins on core products.
The U.K.'s supermarket battleground is heating up as the biggest companies are looking to invest and grab customers.
Paul Kavanagh, senior market strategist at Killik & Co., discusses Tesco following the supermarket chain's results, and says the it is doing "most of the positive things quite well", including its online offering.
"We think that Europe has turned the corner," Deutsche Bank Asset Management's Randy Brown says.