Pretax profits at U.K. supermarket giant Tesco fell by 91.9 percent to £112 million ($180 million) in the first half of 2014, and Chairman Richard Broadbent announced his resignation.
Thursday's earnings statement confirmed that Tesco had overstated profit figures for the first half of 2014 by £263 million—more than the £250 million originally estimated.
The company has been forced to scrap its full-year outlook because of "uncertainties" over its future performance. Its share price tumbled by 6 percent in early London trading following the news.
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Broadbent said he will start looking for his successor, after he became the focus for investor discontent.
"My decision reflects the important principle of accountability on behalf of the Board and will support the company to draw a line under the past as it enters the next phase of its development," he said in a statement.